How To Create Tax Types
What Are Tax Types?
Oh, the wonderful joys of taxes, nobody really loves them, but they’re a necessary part of life! We’ve tried to make these as easy as possible for you in our POS! We understand that food, beverage, and other items need to have their own tax rates according to your state and local laws. In your Arryved Portal, you’ll create all your possible Tax Types to assign to your Item Types. This article shows you how to create your unique Tax Types.
Prerequisites
To create or edit Tax Types, you need to be a Portal Super Admin or an Admin with the following Portal Permissions:
INVENTORY and MODIFY SALES TAX
Or, ALL ACCESS
Limitations
Arryved provides the tools to create Tax Types and can track and report them for you, but Arryved can’t help you determine what tax rates you need to abide by your state and local laws. Please consult an accountant if you need assistance determining your tax rates.
How It Works
Creating Tax Types
Follow the steps below to create any and all Tax types you need.
Head to your Arryved Portal with the proper Permissions.
From the left side navigation, click Inventory.
Click Inventory Settings.
Click Tax Types.
Scroll to the bottom of your Tax Types list to enter a new one into the blank fields.
Follow the guidelines below to properly fill out the Tax Type fields.
Click Save when finished!
Name
In the Name field, give the Tax Type a name. Typically you’ll correlate the name with how the state likes taxes classified.
Rate (percent)
Enter the tax rate for this Tax Type as a percentage. Consult an accountant to ensure your Tax Types are correct and abide by your state and local laws.
Apply
From the dropdown, choose whether you’d like the tax for this Tax Type to be either Added to price or Included in price. This is a personal choice.
If tax is added to the price, tax is paid by your guests and added on top of the price of your Inventory Items.
If tax is included in the price, tax is paid by the business and included in the price of your Inventory Items.
Here is a quick calculation example for a $5 item with a 10% tax rate.
Added:
Tax: ($5 x .10) = $0.50
Total Price: $5.50
Included:
Price Minus Tax: ($5 / 1.10) = $4.55
Tax: ($5 - $4.55) = $0.45
Total Price: $5
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