Tax Rates

Owned by Daryl Saunders (Unlicensed)
Last updated: May 24, 2022 by Shonal Singh
1 min read

Due to components coming from different suppliers not every product will have the same rate depending on where you buy or sell to. 

BUZ has the ability to have several tax rates that you can apply to products. 



To create a Tax rate follow the steps below.

 

 



  • Description: The BUZ descriptive name.

  • Code: Description abbreviation, maximum of 10 characters.



Tax Percentage: This is the percentage to be applied to/ already included in the net price.

A positive  percentage means the tax need to be added to the price quoted.

A negative  percentage means the tax is already included in the price and for sales reporting needs to be deducted from the sales value. The maths also means a 10% tax included is deducted using 10/(100+10) or 1/11th.

It may help to know that internally in BUZ, Sales is recorded excluding tax and the Tax is recorded separately.



For examples on the Tax Rate Calculations https://buzsoftware.atlassian.net/wiki/spaces/HELP/pages/716505134