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Lists > Setting up tax codes
Tax codes are used to track tax paid to and by your business. Each tax code represents a particular type of tax, which is used to calculate tax on your transactions.
Your software has an extensive list of tax codes that can be used in a variety of situations—for example, when doing business with overseas customers, when tracking capital acquisitions and so on.
Summary of tax types
You can create consolidated tax codes by combining two or more tax codes. For example, the GPT (GST and PST combined to equal an 8.25% tax rate) is composed of GST (Goods and Services Tax) at 5% and PST (Provincial Sales Tax) at 8%.
Make sure you first create the tax codes you want to consolidate. The rest of the fields are filled in for you and the consolidated tax rate is calculated automatically.
To create a tax code
To change the details of a tax code
To delete a tax code
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