Item Master Tax Data

Item Tax would need to be created in the Item Master Data. 

(A) Update Item Tax for Items

There are several approach in creating the item taxes:- 

 1) To Create Item Tax for New Finished Goods Item

- Select Item -> Item Tax

- If a new finished goods item is created, set the new Item tax data with the appropriate sales tax payable account (created in Charts of Accounts) and tax rate in the Item Master when the sales tax is applicable. (refer below for reference).

                   

 2) To Create Item Tax for an Existing Finished Goods Item

 - For e.g. if an existing finished goods item consist of Output Tax SR that is no longer applicable in the item tax. Please  check the box for the item tax and click delete. After delete, replace it with new taxes or charges with its latest tax rate or charges. 

- Follow step in 1) for the replacement of new taxes or charges.

                     

3) New and existing Traded Goods

- For the new and existing Traded Goods or other items, please remove all tax data in the Item Master because these         items are non-taxable.

- To remove the tax data or charges -> check the box -> select delete ->click save. 

               

4)