Taxes

Taxes

Taxes

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FastAccounts offers a single-line solution to withholding taxes and receipts making bookkeeping easier than ever before. Varying GST & VAT can be managed for different products and different locations, with our sales module allowing for several sales tax or VAT values to be defined and chosen from. These values can be allocated when creating products, editing existing products, or during the creation of invoices. FastAccounts makes handling taxes an easy process. When tax values have been assigned, the data is automatically pulled to invoices, making the whole cycle easier for you the user.

Taxes and Year-End Settings

Adjust the rates of your taxes and the year-end date for your business, ensuring FastAccounts works around your schedule and business requirements. Pressing on the “Taxes and Year End” link in the settings menu will open a new page with a form allowing you to fill out your business’ respective year-end date and tax options.

You will find that underneath the “Year End Date” selector, there are a few down-arrows for different tax options:

  • Tax Display Settings – Select what taxes you would like displayed on documents for suppliers and customers respectively.
  • Sales Tax Rates – Select and adjust the sales tax and additional tax rates for the regions in which you operate as well as the print label, region code, and tax code.
  • WHT Rates – Select and adjust the WHT tax rates and tax codes for your business, and assign each with a tax name.