The Tax Types are the Tax rates that can be applied to any financial transactions in Re-Leased. Each Chart of Account code needs to have a specified Tax Type, and they are used on all transactions. For users of Re-Leased with Trust Accounting, and those using it stand-alone with no Xero connection, this is managed within Re-Leased, by clicking Settings on the green main menu, then Tax Types in the Accounting section.
NOTE: The information below does not apply if a Company is already integrated with Xero. If you are using Xero integration you will not be able to manage your Tax Types in Re-Leased. You will only be able to manage them in Xero.
To complete data entry and account set up prior to connecting to Xero, only set up the minimum required Tax Types. These are treated as placeholders until the connection to Xero is made, and each will need to be reconciled with the corresponding Chart of Account code from Xero.
Managing Tax Types in Re-Leased
Tax Types List
Adding a new Tax Type
To add a new Tax Type, click on the 'Create New Tax Type' button.
- Enter the Code, which must be a unique code that does not already exist
- Enter the Rate, which is a percentage
- Enter the Display Name, which is how the Tax Rate will appear on the screen.
- Enter which of the financial transaction types the Rate will apply to.
Note: The Rate will only appear as a dropdown option for the transaction types selected.
- Click on 'Save tax type'
Note: users creating Tax Types as placeholders for later connection to Xero should separate tax on income from tax on expenses to avoid loss of information. This is not necessary for Trust Accounting users.
Importing new Tax Rates
To import a file with Tax Rates:
- Click on the 'Import' button
- Use the Browse button to select a file, which must be formatted as per the example on the screen
- Verify that the contents are acceptable, by looking at the message panel on the right. If the check marks are green then the row will be imported.
- Click on Import to import the values
Editing a Tax Rate
To edit a Tax Rate click the name link on the Tax Types list, make changes as required and click on Save tax type.
Archiving a Tax Rate
To archive a Tax Rate:
- Click on the Name
- Click on the 'Archive' button
- When asked if you are sure, click on the 'Archive this tax type' button
Un-Archiving a Tax Rate
To un-archive a Tax Rate:
- Select the Archived Tax Types tab
- Click on the Restore link next to the name
- When asked if you are sure, click on the Restore this tax type button