Effortlessly Manage Your Finances with Skynova Free Invoice for Management

Skynova free invoice for Management

welcome to INEX today I'll show you how to add sales tax to your invoice start by clicking the invoices icon let's add a state tax to our existing invoice Draft which we haven't yet sent to our customer click the down-arrow button next to invoice number two and select edit from the drop-down menu now click show customization options then select the sales tax checkbox in the invoice lines section below we can now see a new column called tax so click inside the tax column on the first invoice line then click new tax in the drop-down a pop-up appears where we can enter our new tax rate information let's call our new tax state tax and since our example customer has an address in Maine let's at the tax rate to 5.5 regarding the tax method there are two options accrual and cash with cash basis accounting you record income as it's received and expenses as they're paid with a cruel basis accounting income and expenses are recorded when they are billed and earned regardless of when the money is actually received you should check with an accountant to find out which method is best for your business for our purposes we'll use the accrual method now click Save now we see that our new state tax has been added to our invoice line but let's pretend for a moment that were from a state that also has local tax so to add an additional local tax to the same line we'd simply repeat the process we just completed by again clicking inside the tax column on the first invoice line and selecting new tax we'd naturally call it something like local tax but since Maine doesn't have local tax we'll just click cancel you can add up to three distinct taxes per invoice line and the resulting value in the tax column is expressed as the sum of all the taxes for instance tax 1 plus tax 2 plus tax 3 so if we had three rates of 3 percent 2 percent and 1 percent the tax value in the invoice line would read 6 percent when you're done click Save and below we see our tax specified under where it says subtotal at the bottom right of the invoice