Use the steps below to configure sales tax applied to your business purchases. This ensures accurate tracking and accounting of tax amounts on bills.
Step-by-Step Guide:
Go to Settings, then navigate to Accounting & Tax.
Click Create Tax.
In the Tax Name field, enter the name of the tax (e.g., Purchase Sales Tax).
Enter a suitable Abbreviation (e.g., PST).
Add a brief Description (optional but recommended).
Enter the applicable Tax Rate (%) as a numeric value (e.g., 16).
For taxes applied to Purchases, select the Assets category.
→ NuMetric will automatically apply this tax to purchase transactions (Bills) and track the amount under the proper account.Click Create.
✅ Important:
Do not manually create sales tax accounts under the Chart of Accounts. NuMetric will create and assign the necessary accounts automatically when the tax is created through this process
1. Navigate to "Accounting & Tax" under the "Settings"
2. Click "Create Tax"
3. Click the "Tax Name" field and Type "Tax Name"
4. Add the "Abbreviation" you need.
5. Add a "Description".
6. Add the "Tax Rate (%)" field (Numbers Only)
7. For Sales Tax on your Purchases, select Assets.
NuMetric will recognize all sales tax on purchases (Bills) calculated for the created account.
8. Click "Create"
⚠️ Important Note
Do not create sales tax accounts under the "Chart of Accounts." NuMetric, once Tax is created, will establish them.