Managing Tax Types

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

Tax Types represent different tax rates that you apply to financial transactions. It's essential to ensure that your accounting records are accurate and comply with tax regulations. Whether you’re using Client/Trust Accounting on Re-Leased or operating it as a standalone platform without a Xero integration, we’ve got you covered!

What Are Tax Types?

Tax Types in Re-Leased refer to the specific tax rates that you can apply to financial transactions. All Chart of Account codes will require an assigned Tax Type, and these rates affect every transaction processed within Re-Leased. It’s essential to have these set up correctly to maintain accurate financial records and ensure compliance with tax laws.

Integrated Accounting Solutions

For those using Re-Leased integrated with a connected accounting such as Xero, the management of Tax Types is handled within your external accounting system, resulting in fewer options available directly in your Accounting Settings on Re-Leased.

Setting Up Tax Types in Re-Leased

For users with Client/Trust Accounting in Re-Leased, and for standalone users without an Xero connection, here’s how you manage your Tax Types directly within the platform:

  1. Click on Settings from the main menu.
  2. Select Tax Types located under the Accounting section.

This will allow you to view, add, or edit the Tax Types that are applicable to your transactions.

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By tailoring Tax Types specifically to your regional tax laws, you make certain that your transaction data is precise and that tax calculations are automatically adjusted to meet the necessary requirements.


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