How to Configure Tax Settings for Your Business
Ensure your invoices and marketplace listings are tax-compliant by setting up VAT, GST, or local sales taxes.
Staying Compliant
Tax regulations vary by region and business type. Pryseflow provides flexible tax configuration to ensure you're collecting and reporting the correct amounts.
Setting Up Tax Rates
- Navigate to Settings > Taxes.
- Click Add Tax Rate.
- Enter the name (e.g., "VAT," "Sales Tax") and the percentage.
- Choose whether the tax is Inclusive (included in the product price) or Exclusive (added at checkout).
Applying Taxes to Products
You can set a default tax rate for your entire store, or override it for specific products or categories that may have different tax requirements (e.g., essential goods vs. luxury items).
Tax on Invoices
Once configured, Pryseflow automatically calculates the tax on every invoice and estimate. The tax breakdown is clearly displayed for your customers, ensuring professional and legal compliance.
Disclaimer: While Pryseflow provides the tools for tax calculation, you should always consult with a qualified accountant to ensure your business meets all local legal requirements.