How to add your Sales Tax in Modeliks?
Whether seasoned entrepreneurs or fledgling business owners, understanding how to calculate and implement Sales Tax is crucial for all of us.
Calculating Sales Tax in Modeliks is a straightforward process 💪
Step 1
We start by locating, clicking the 'Add Tax' button and selecting Sales Tax. You will be prompted to name your sales tax. Choose a descriptive name that helps you easily identify it. For example, you can name it "Sales Tax" ✅
Step 2
Enter the Sales Tax Rate applicable to your business. This rate may vary depending on your location and the type of goods or services you offer. Ensure that you have the correct tax rate information from the relevant tax authorities. In our case, we will apply 20% ✅
Step 3
If you anticipate that your sales tax rate may change over time, you can select "Yes" when prompted. This option enables you to enter different tax rates for different periods. In our example, we will select "No" ✅
🔎 In most cases, Sales Tax Rates tend to remain consistent, so you can choose to keep it as a single input ✔️
Step 4
Select the Frequency at which you fulfill your sales tax obligations to the government. This can be monthly, quarterly, semi-annually, or annually, based on the regulations in your country. For this example, let's choose a quarterly payment frequency ✅
To finalize the setup, click "Next" and complete the process of adding your Sales Tax calculation in Modeliks.
🔎 You can see how much sales tax has accrued every month and how much sales tax you will need to pay to the government and when.
📝 Edit your numbers
Keep in mind that blue-colored numbers are editable right at spot, black numbers are calculations and the arrow option allows you to paste the value to the end.
Alternatively, you can click on the edit icon that appears when you hover over the sales taxes' name to make changes.
👀 Accrued Tax and the Paid Tax would always be different numbers ✔️
The accrued tax is calculated every month as a tax obligation. When you actually pay this tax obligation, depends on the payment frequency.
❣️ For a visual guide on adding sales tax in Modeliks, you can refer to the dedicated video tutorial. For more guidance on adding Income Tax & Value-Added Tax (VAT), be sure to check out the separate videos and articles available.
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