Apart from your normal business management and project management tasks, Skylight works as a billing and simple accounting software and allows you to perform actions like online invoicing and billing actions. You can apply tax on individual line items on invoices and quotes such as sales tax, VAT and GST. But before you use ‘Tax Codes’ in Skylight, they need to be set up for your company.
Add a new Tax Rate
To add a Tax Rate visit your Company Settings from the main navigation and then browse to the Tax Rates tab or follow this link here: https://secure.skylightit.com/tax_rates.You will need to be logged in with Admin privileges to access this section.
Select the+button to add a new Tax Rate.
As described in the above image, give your new Tax Rate a descriptive code. This, added with the Name and Percentage, is what will be shown when applying taxes to invoices or purchase orders.
In Code (1) field enter a reference number of the tax code, for example T1, T2 and so forth, and use a a descriptive name in theName (2)field, e.g. VAT on sales, Sale Tax 1.
For Percentage (3) enter the value of percentage this tax will be calculated at; so for 20% VAT in UK we will add number 20 making sure to only enter a number into the percentage field so for 10%,simply enter 10, for 1.4% enter 1.4.
Description (5)is an optional field for further notes on tax rates.
In the Apply On (5) option, use Item Only for the standard tax option, but if this is a compound tax then choose Item amount + Tax1 and finally dont forget to Save.
Applying Tax Rate to an Invoice - GST, VAT, Sales Tax
You can also import accounting tax rates to Skylight from CSV files