Creating new taxes and setting them as default to product template

Creating new taxes and setting them as default to product template

Steps involved –

1)Creating new customer tax and configuring it

  1. Go to accounting –> Configuration –> Accounting –> Taxes Menu.
  2. You have to select tax scope as sales and fill up other tax-related details such as Tax name, Tax Computation, Amount, Tax Account, Tax Account on Refunds, Label on Invoice, Tax Group, Etc..

Customer Tax

 

2)Setting default sales tax in configuration

  1. Go to => Accounting => Configuration Menu
  2. In Invoicing & Payments Section, you can see taxes (Default Sale Tax, Default Purchase Tax)
  3. Here you can select your custom new sales tax in Default Sale Tax field and apply new accounting configuration by clicking the apply button.

 

3) See Default Customer Tax in Product Template

  1. Once you click on create of product template you can see the default sales tax and default purchase tax being populated automatically as set in step2.
  2. You can add other taxes involved with the product in product template.