To set up a new tax rate (percent type):
- Go to: Settings > Financial > Tax.
- Click the 'Add' button in the top right corner.
- Type the tax 'Code'.
- Type a 'Description' for the tax rate.
- (Optional) Mark the tax rate as the default option. This will show by default on all project stages, supplier bills, and staff expenses entered in Synergy. The other tax rates are available in the drop-down list.
- To setup the "Tax components":
- Type a name for this tax component. e.g. GST or state tax
- Enter the rate value as a percentage (%).
- (Optional) Tick the 'Compound' box if you want this tax to be added to the simple tax.
- (Optional) Add another component to add an additional tax percentage, e.g. city or council tax.
- Save and close.
- Only the tax code and description is displayed on invoices to your clients.
- If using Accounting add-ons then this tax code should be the same as your accounting system. e.g. the VAT or GST code found in your accounting system like MYOB AccountRight Live, Xero, or QuickBooks Online.
- If a fixed value is required then save the rate without any components, and enter the fixed value on the next step.