3.7. Create and Manage Tax

Nexved CRM allows you to create and manage multiple tax rates for your invoices, estimates, proposals, and other financial transactions. This flexibility helps you adhere to different taxation systems, including specific country or regional requirements, like the GST (Goods and Services Tax) in India.

Steps to Create a New Tax Rate

1. Navigate to: Setup -> Finance -> Tax Rates.

2. Click on the New Tax button located at the top left.

3. Enter the Tax Name: For example, "GST 18%" (GST is a common tax rate in India).

4. Enter the Tax Rate: For example, enter "18" to represent 18% GST.

5. Click Save.

Once saved, the tax rate will be available in the dropdown menu for each item on invoices, estimates, and proposals.

Important Notes About Updating Tax Rates

• Existing Tax Application: When you update a tax rate that has already been applied to items, the new tax rate will not automatically update those items. The tax information for items already created remains unchanged until manually updated.

Hide Tax Per Item

By default, Nexved CRM displays tax per item in your invoices, estimates, and proposals. However, if you prefer a simpler summary with tax calculated at the bottom, you can disable this feature.

• Tax Calculation: Even if the "Tax per item" option is hidden, you will still need to add taxes to individual items for the correct calculations to be applied.

• Customer View: When the tax per item is hidden, the customer will only see the total tax amount at the bottom of the invoice or estimate, not tax listed next to each item.

To Disable the Tax Per Item Display:

1. Navigate to: Setup -> Settings -> Finance.

2. Locate the Show TAX per item (Invoices/Estimates) option and set it to NO.

Template Considerations:

• If you use custom templates for generating PDFs of your invoices and estimates, ensure you do not remove the logic related to displaying taxes in your templates if you intend to use this feature.

• If you prefer a custom layout for your PDF templates, you can adjust the template as per your needs regardless of the "Show TAX per item" setting.

Example: GST Tax Configuration in India

For an Indian company, you may need to create different GST rates (e.g., 18% for most goods, 12% for certain services). Here’s an example of how you can create GST tax rates:

1. GST 18%:

   • Tax Name: GST 18%

   • Tax Rate: 18

   • Save

2. GST 12% (for certain items or services):

   • Tax Name: GST 12%

   • Tax Rate: 12

   • Save

You can now apply these taxes to relevant items in your invoices or estimates.

By following this process, you can ensure your Nexved CRM is set up to manage Indian taxes like GST effectively, or any other country-specific tax requirements.

Summary of Tax Management in Nexved CRM:

• Create New Tax: Set tax names and rates for use in invoices/estimates.

• Hide Tax per Item: Control whether tax is shown for each item or only at the bottom of the document.

• Custom Template Handling: Adjust templates to fit your preferences if using custom templates.

• Tax Rates Example: Create GST tax rates (18%, 12%, etc.) for your specific country or region.

This feature ensures that Nexved CRM adapts to your local taxation rules, whether for Indian GST or other region-specific tax structures.