Configuring tax rates

A new Tax Rate editor has been added to allow for the management of more complex tax procedures. Tax Rates are used in both Price Lists as a default Tax Rate to use and in Sales Orders as an Sales Order Item’s unique tax rate to be applied.

Note: If you had tax values for existing Price Lists that are missing. Please contact technical support.

To create/edit Tax Rates in Winery Setup navigate to Tax > Tax Rates. Press New tax

There must be at least one Tax Rate Component. It can be 0% for tax free tax rates however.

The Tax Rate Component name can link up to Special Case Tax Rates where calculations are based on a set of different circumstances. When this is met a Yellow “!” icon appears such as with ‘WET’ above. The list of special case Components are:

  • WET (Wine Equilisation Tax)
  • Excise Tax (New Zealand)

The compound checkbox is to indicate if the rate of the above Tax Rate Component is to be calculated first then have the checked Tax Rate Component applied. The WET + GST example shows that WET is 29% and GST is 10%, but compounded. The result can be seen in the Tax Rate rate: 41.9%

Priority is used to determine the order the tax is calculated, which is used when determining compounded rates.

Linked Tax Rate id is the ID the tax rate will pass to External Accounting packages such as Xero. Linking up the rate to the package.

You will need to set up an account specifically for WET to link up with VINx2. And use the accounts id/number in the Linked Tax Rate id field.

For further information on either of the 2 tax/excise components, please select from the links below:
Handling the Wine Equalisation Tax (WET)
Handling Excise Tax (New Zealand)

Otherwise you can go straight ahead and start Using Accounting Integration With Xero

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