A new Tax Rate editor has been added to allow for the management of more complex tax procedures.
This primarily concerns special tax classes used in Australia and New Zealand. Other countries can make use of the GST tax rate.
These rates can be used when invoicing directly from vintrace or when passing sales invoices through to a third-party Accounting package.
Tax Rates are used in both Price Lists as a default Tax Rate and in Sales Orders as a Sales Order Item’s unique Tax Rate.
Create/edit Tax rates
Head into Winery Setup > Tax > Tax Rates. Click New tax.
For a New Zealand winery, the Tax Rate might look something like this:
Special Case Tax Rates
The Tax Rate Component name can link up to Special Case Tax Rates where calculations are based on a set of different circumstances. These special case Components are:
- WET (Wine Equalisation Tax - AUS)
- Excise Tax (New Zealand)
If you have chosen any of the Special Case Tax Rates, a yellow Warning icon appears such as with WET or Excise above.
GST (Goods and Services tax) is an additional tax rate that can be adapted to work with other countries (US Sales tax; EU VAT, for example).
The Compound checkbox is to indicate if the rate of the previous Tax Rate Component is to be calculated first, then have the compound Tax Rate Component applied. The WET + GST example shows that WET is 29% and GST is 10%, compounded. The result can be seen in the Tax Rate = 41.9%
Set the Priority field to tell vintrace the order in which to calculate taxes. If you are not using a compound tax rate, Priority isn't important.
If you aren't linking to an external Accounting Package, complete the form and Save.
Third-party Accounting Links (Xero)
Linked Tax Rate id is the ID the tax rate will pass to External Accounting packages such as Xero. This creates the link the tax rate to the Accounting application.
You will need to set up an account specifically for WET to link up with vintrace; use the Account's id/number in the Linked Tax Rate id field.