Role: ✔ Admin, ✖ Accountant, ✖ Team Manager, ✖ Employee, ✖ Bookkeeper
Welcome! Adding new tax rate to Summit doesn’t have to be a hassle. Whether you're planning to create a new tax rate or modifying the existing tax rate, we’ve got you covered. In this article, we’ll guide you through the steps for both tax rate creation and modification. With our straightforward approach, you'll be navigating these processes like a pro in no time.
How to Create New Tax Rate
1. On your Summit dashboard, click on 'Settings'. Next, under 'Company', click on 'Tax'
2. Click the ‘+ New’ button on the top right side of the screen
3. Under ‘+ New’ button, you will find the option to 'Add new tax' or 'Import from Xero'. For single tax entry, we can choose 'Add new tax'
4. Assign a new 'Tax name', 'Tax rate' and the 'Status' to be active. Once done, click 'Add tax' and the action is done.
Note: Tax name, Tax rate and Status are mandatory field, while it's optional to fill up Tax name on Xero.
How to Modify Existing Category
1. On the Category page, click on any category entry in which you would like to modify.
2. You can edit the 'Tax name' and 'Tax rate'. In case the tax is no longer needed, you can click 'Inactive' and the specific tax will be disabled. And in the event, you would like to reactive the inactive tax, you will repeat the same step by clicking the 'Active' status.
Once done, hit 'Save' and that's it!
If you have any questions or need further assistance, don't hesitate to reach out to us at support@summitglobal.com. We're here to support you!