Accounting Core

Tax Rates

To create tax rates in WP ERP Accounting, navigate to the WP Admin Dashboard→WP ERP→Accounting→Tax→Tax Rates. Click on “Tax Rates”.

Next, click on “View Tax Zones”, to create a tax zone which is under Tax shortcuts.

Click on “Add Tax Zone”.

You will get a pop-up page. Enter ‘Tax Zone Name‘, ‘Tax Number‘ and click on default as this is your first entry.

Hit “Save” to finish.

Now click on “View Tax Categories” to create a tax category.

Click on “Add Tax Category”.

In the pop-up page, enter “Tax Category Name” and give a description if possible but not mandatory.

Hit “Save” to finish.

Then, click on the “View Tax Agency” button to create a tax agency.

In the pop-up page , enter the tax agency name.

Hit “Save” to finish.

Navigate to Tax→Tax Rates . Click on the “Add Tax Rate” button.

Enter “Tax Zone Name”, “Component Name”, “Agency”, “Tax Category” and “Tax Rate”.

Hit “Save” to finish.

If you have not created any agency or category in the first place you can create them by simply clicking on “Add Tax Agency” and “Add Tax Category”.

Compound Tax

When there are more than one agency collecting taxes on the same category in the same zone, that is when compound tax comes into play.

Click on ‘is this tax compound?’. A button called “Add Component” will be visible. Click on “Add Component”. It will open a new line. Enter the ‘Component Name’, ‘Tax Agency’, ‘Tax Category’ and ‘Tax Rate’.

The Tax Zone has to be the same for all the input.

That’s it!.

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