You can manage your company taxes online quickly and efficiently using STEL Order.
In this article we will explain how to configure your tax settings so that they are calculated automatically, as well as being available for greater transparency.
By default, you will already be able to view and use the default tax names and rates for the country that you have registered with.
There are two types of taxes in STEL Order: Consumption taxes and total amount taxes.
Certain tax information will appear by default when you first log into STEL Order, depending on the country where your company is registered and in accordance with current laws and regulations.
Consumption taxes are applied to individual sales and are added to the total value of each transaction. I.e, Value Added Tax (VAT).
You can configure and relate up to two different consumption taxes: primary and secondary, in case certain additional taxes apply after your VAT or any other form of primary tax.
· Managing your taxes
One of your taxes will appear by default on every invoice and document that you create. To do this, tick the “default tax” box next to the desired tax.
“Set as deductive” will enable you to change the way your taxes work, so that they are deducted from your total amounts instead of being added to them.
·Setting your tax amounts
You will need to place a percentage (%) in each new tax entry, including your secondary tax (when and if this is applicable).
To set different tax amounts (for instance, 20%, 10% and 5% VAT) you will need to add an entry for each one and the % amount in the appropriate field.
If an additional tax exists within your country or sector that applies to the total amount of an invoice or billing document on top of your consumption tax, then you can add this information in the Income Tax section. If this does not apply to your country, then it will automatically be disabled when you log into STEL Order.
· Configuring your taxes:
You will need to select the total amount that this tax will apply to:
- Total amount paid before tax.
- Total amount paid after tax.
- Total tax amount, the sum of all your taxes.
“Set as deductive” will enable you to change the way your total amount taxes work, so that they are deducted from your total amounts instead of being added to them.
· Setting your tax amounts:
You will need to place a percentage (%) in each new tax entry.
To create multiple tax amounts, you will need to add an entry for each one.