Hey guys! This tutorial is designed to explain how Tax works in the SynkedUp system, both the tax that you as a contractor pay and the tax that you charge your customers for.
This video gives you an overview:
Overview:
There are 3 layers to the SynkedUp tax system:
1. In the Budget Settings screen, you set the tax rate you pay on items as the contractor but don't get back when you bill the customer.
To set this rate go to System Setup > Current Year eg. 2021 > and enter the Tax Rate.
2. In the Item Catalog you can use the taxable toggle on an item to define what items you pay tax for, but do not get back when you bill the customer
3. In the job, you define what is taxable for the customer with the taxable toggle on the workarea level for Quoted Price work, and on the item level for T&M or Flat Rate work.
You define what is taxable for the customer with the taxable toggle on the item level for T&M or Flat Rate work.
Hopefully that answers all your questions about taxes. If you still have questions, drop them in the blue chatbox!