If your country or business requires the use of multiple tax rates or multiple currencies, Cobot offers a simple way to enable this functionality.
Setting Up Your Tax Rates
Your first step is to set up your basic tax rate. If your country has multiple tax rates, choose the one most commonly applied to your items, as this will serve as the default rate for your invoices.
Navigate to Setup » Basic » Payments.
To add an additional tax rate, go back to Setup » Basic » Payments » click on 'Add Tax'. Name it according to your regions tax regulations.
IMPORTANT NOTES
All new tax rates will only populate on NEW invoices generated from the time the new tax rate was added.
Custom Tax Rates for Individual Products
In some instances, you may want to choose just one of your tax rates to be applied to your products, or to remove taxes from your products all together.
Your products are:
To set custom tax rates for these, go to Setup » Basic » Payments » check the box 'Custom Tax Rates' » Save.
Once activated, you will see a 'Tax Rate' field wherever you can add a price. Your basic tax rate will be pre populated. Change it to whatever you like, or delete it altogether.
Make sure you save your changes!
IMPORTANT NOTES
Any changes to tax rates, whether edited or removed, will only apply to actions taken after the change is made.
For example, if you remove a tax rate from a resource, all existing bookings will still have the previous tax rate applied. Only new bookings made after the change will have no taxes applied.
Populating Different Currencies on Products
To offer your products in a currency other than the one used in the country you registered your Cobot account in, activate 'Multiple Currencies' under Setup » Basic » Payments » check the box 'Multiple Currencies' » Save.
Once activated, you will see a currency drop down field allowing you to change the currency wherever you apply a price.
Don't see the currency you want? Reach out to support.
IMPORTANT NOTES
All new currencies will only populate on NEW invoices generated from the time the currency was changed.
There are no exchange rates calculated or applied to products with different currencies.
For example, If your Meeting Room is bookable for $20 USD and your Drop-In Passes are bookable for $20 CAD, your member will be charged $40 in total.
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