New: Tax and Account codes become dropdowns

Before this version, it was possible to manually type in a tax rate (e.g. 20%, 5%, etc.) for a product or service. It was also possible to type in a nominal account code.

From this release onwards, you will need to select the name of the tax code from a dropdown list instead. An account code will need to be selected in the same way.

Why?

We have done this to make the system more compliant with accounts systems and ensure that it’s not possible to use an invalid tax rate or account code.

What do you need to do?

We have set up some default tax codes to use so you will just need to start using the dropdowns instead.

You can change these in Cog ->Accounting Settings.

If you use QuickBooks or Xero, you will need to import the codes from these systems. Make sure you are connected to your accounts system.

  • Go the Cog ->Accounting Settings.
  • Select ‘Tax Codes’ or ‘Account Codes’
  • Click ‘Import from QuickBooks’ or ‘Import from Xero’ for first the tax codes then the account codes

We appreciate this is a big change so please don’t hesitate to contact us if you have any problems with it.

 

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