New Feature: Tax Types for Easier Accounting for Your Inventory, Sales and Purchases

With every new feature introduced to the TradeGecko online inventory management software, your trusty Geckos have a sole purpose in mind: to create great software and keep improving on current ones to make life more awesome for you.

This time, we launch the new Tax Types feature with you in mind (as usual). It reflects the various complexities of tax rates for businesses as taxes can be a complicated issue depending on the city, state, country – you get the idea. To add on to that, if you have multiple locations across different states, all this can be agonising to manage.

The Tax Types functionality will put you at ease by allowing you to pre-define ‘bundles’ of taxes – all kinds of sales tax, local surtaxes, and compound tax in various percentages and combined. It used to be that you have to remember the tax combinations before manually calculating and entering the flat, effective tax rate per line item in the system. Also, the previous Tax function didn’t show the breakdown of each tax component – what a pain!

Now, the new Tax Types feature allows you to create many different tax types with multiple lines, to be saved and selected from a drop down menu when you produce Sales or Purchase Orders. For example, you can now create a Tax Type with a Country Tax of 15% + State Tax of 10% and a Compound Tax of 5%, the system gives you an effective tax rate of 31.25%. Works like magic, doesn’t it!

You can choose one tax rate to show up as the default option and of course, the system also allows the overwriting of tax at the order creation stage to cater to those few special orders with different tax rates.

Instead of remembering and calculating the effective tax rates outside of TradeGecko, our system now automates your tax calculation process, sets up your tax components easily, and records and keeps track of the amounts.

This better management of tax rates improve your processes even further by saving you loads of time and effort. With our new Tax Types function, you can stay on top of your sales tax and input tax amounts into Sales and Purchase Orders with much ease and flexibility.

Read this Support Article for steps on setting up tax types in the system, or log in now and che ck it out!