Here you will be asked to enter the taxes associated with your business.
For the tax settings go to Setup then Preferences and now click on Tax Settings.
- The tax name needs to be entered below the Tax Name box, and if the tax is applicable on sales, select yes for Sales Tax.
- You can then select yes option if1your business falls under the GST India Tax. If it is not GST India Tax, enter the tax percentage of your applicable tax.
- If the tax is fixed then select Yes. Also, if you make any expenses and any tax deducts for those expenses then you can select yes for Expense Deductibles.
- For GST India clients you can specify if the tax is applied inside or outside of the state.
- In the Tally Synonym column, you will need to select the synonyms of all the taxes that will be similar to the tally’s account category. So in the future if you enable tally for your account then the tax categories can be reviewed in tally.
Click on submit once everything is completed.
Note that when you enable the tax settings here, then the tax setting option will appear where ever the tax will be needed to be applied.
Additional taxes can be added at this point. Adding a new one is as easy as clicking the plus sign icon.