In some cases, the Business has to charge more than one tax. This can be in the form of additional tax for the non-filer customer or Federal Excise duty on certain products.
We have enhanced the taxes management in Fast Accounts by providing two additional tax charges on Sale Invoices (‘SI’, ‘SC’, ‘SO’) and Supplier Bills (‘VI’, ‘VC’, ‘PO’).
In Fast Accounts, these taxes by default have been described as ADT (“Additional Tax”) and FED (“Federal Excise Duty”).
ADT (“Additional Tax”): this tax is calculated on the net of deductions i.e. (Amount – Discount – Trade Offer – Retail Margin)
FED (“Federal Excise Duty”): this tax is calculated on the net of deduction plus other taxes i.e. (Amount + GST + ADT – Discount – Trade Offer – Retail Margin)
How to Enable Additional Taxes
- Go to Settings Menu
- Select Taxes and Year End
- Choose the Tax Display Settings section
You can enable any of the taxes and also have the flexibility to enable either in the Sales or Purchases. You can also set the label of your choice for these taxes.
How to add tax rates
In Taxes and Year End, you will find two separate sections to define the rate rates for both taxes. Each tax type will have its tax rates.
Link taxes to the products
In case a product is required to charge GST @ 17% to all customers, you will select the rate in both GST Rate and Non-Filer GST Rate.
In case you want to charge ADT @ 3% to non-filer customers, only select the Non-Filer ADT rate.
In addition, if all customers are subject to 5% FED, you will select the rate in both FED Rate and Non-Filer FED Rate.
This provides full flexibility on how the taxes should be applied to both filer and non-filer customers on each product basis.
Taxes on Sale Invoices
Once you have enabled the relevant taxes and added the tax rate, you will find the relevant taxes columns are now available on the Sale Invoices, Credit and Orders.
On the selection of the product, the corresponding tax rates will be pre-selected which can be altered if required. However, the users with Fixed Taxes on their profile will not be able to change the tax data on the product selection.
The same applies to the supplier bill. The additional taxes are also available in the Expenses details section.
Printing Additional Taxes Data
We have provided the option to print these taxes on line-by-line basis or total in the footer. In addition, you have the option to print either the total or breakdown on each tax rate basis in the footer total section.
Should you require any additional information on this please contact Fast Accounts Support team.