eFolio Accounts automatically provides the necessary VAT/Tax rates used in most countries. If the rates don't meet your requirements, you can edit the existing rates and/or create new rates. Typically you would add two entries for each percentage required. For example if you want to add in a 23% rate, you would normally create an entry for 23% with a Tax Type of 'Sales' (or 'Income') and and entry for 23% with a Tax Type of 'Purchases' (or 'Expenses'). 23% being the standard rate of VAT in Ireland
Add or Edit Tax Rate
- Navigate to the Settings tab.
- Click on the Tax Rates link.
- To add a new Tax Rate, click the 'Add New Tax Rate' button.
- To edit an existing rate, click the relevant row from the displayed list.
- Name: Description of the rate displayed during transaction entry. This description is also validated when using the Import Invoices and Credit Notes feature.
- Rate (%): Enter the appropriate rate as a number. For example, for a tax rate of 23.00%, enter 23
- Tax Type: Select the appropriate type which best describes the new tax rate.
Delete Tax Rates
Tax rates can be deleted at any time as long as if they have not been used in any transactions.
Change to Rate in your country
If the standard rate used in your country changes, then it is always recommended that you add a new rate rather than editing an existing rate. In some cases, the tax authority will expect you to apply the old rate for credit notes, refunds etc.