Aqxolt ERP enables tax calculation and eliminates manual processes that are subject to human error.
Taxes in Aqxolt ERP can be applied in the following ways;
Create a Tax Record
Assign the Taxes on the Sales Order
Every Sales Order is generated for a Customer and the Customer is associated with a Customer Profile.
In the related list of Customer Profile, Tax record will be available if created as mentioned in the above steps.
Assign the Taxes on Products
When a tax record of type Sales or Service Tax is created with the product in it, the system applies the tax on the sales order line item that contains the same product in it.
Assign the Taxes on Shipment
When a tax record of type ‘Shipping’ is created, the system applies the tax on the Sales Order Shipping Amount field.
The Shipping Tax will be calculated based on the Tax Sourcing Rule on the Customer Profile which can be Source or Destination.
Tax can be exempted for any particular customer. This can be done by:
Create Customer Profile
Create Tax Exemptions Record
Fields to Note:
|Tax Code||Describes the Tax record Name.|
|Country||Tax codes are unique for every country. This describes the country for which a Tax record is created.|
|Province||Every province differs in the tax rate. This field describes the province for which the Tax record is created.|
|Type||Describes the type of Tax, whether it is a Sales, Service or Shipment Tax.|
|Effective Date||Describes the date from when the Tax record is effective for use.|
|Expiry Date||Describes the date from when the Tax record can no longer be used.|
|Tax Rate||Describes the percentage of tax applied.|
|Product||Describes the product associated with the Tax record. This field is mainly used when product-specific taxes are created.|
|Apply Tax On||Describes whether the tax is applied to ‘Selling’ or ‘Cost’ price of the product|
|Account Profile||Different Taxes can be applied for different Account Profiles. Account Profile (Customer Profile) should always be selected while creating a Tax record|