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
New tax rates apply only to NEW invoices generated after the tax rate is 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 products in a currency other than the one used when you registered your Cobot account, contact support to activate Multiple Currencies.
Once activated, a currency drop down menu appears wherever you set a price, allowing you to select the desired currency.
IMPORTANT NOTES
New currencies apply only to invoices generated after the currency is changed.
Cobot does not calculate or apply exchange rates to products with different currencies.
For example, if a Meeting Room costs $20 USD and a Drop in Pass costs $20 CAD, the member is charged 40 in total.