Add VAT and WHT rates
VAT and WHT rates ready to pick per line on orders, bills and invoices, with the right tax accounts.
Before you start
- Access to change tax settings.
- Tax accounts in the chart of accounts, such as input VAT, output VAT and WHT payable.
Steps
Step 1: Open the Tax rates tab
In the sidebar, choose Transaction, then Tax, open the Tax rates tab and click Add rate.
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The Tax page with the Tax rates tab and the Add rate button.
Step 2: Fill in the code, type and rate
Fill in Code and Name, choose the Type VAT or WHT, then fill in Rate (%), for example 11 for VAT.
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The Create tax rate dialog with Code, Name, Type and Rate (%).
Step 3: Map the tax accounts
Under Map both sides of the tax flow, choose the VAT accounts: Purchase: tax receivable and Sales: tax payable. For WHT, the sides are the other way round.
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The Map both sides of the tax flow section with the purchase and sales accounts.
Step 4: Click Create rate
The rate appears in the list as active. Repeat for every VAT and WHT rate your company uses.
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The tax rate list with active VAT and WHT rates.
When you are done
- Active rates appear in the VAT and WHT choices when creating transactions.
- Rates already used in transactions are tagged Linked to transactions and cannot be deleted; deactivate them when no longer used.
Common problems
The tax rate list is empty
Finday has no preset rates. Create the ones your company uses, for example VAT 11% and PPh 23 2%.
Where is the PPh 21 rate?
PPh 21 is worked out in Payroll, not in tax rates. Tax rates here are for VAT and withholding tax.
A message asks to map a tax account
Choose at least one purchase or sales tax account under Map both sides of the tax flow.
Something still unclear?
Ask us on WhatsApp. The Finday team replies during office hours and can walk you through it in your own account.