To add a new tax rate, follow these steps:
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Navigate to Tax Rates:
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Go to Setup → Finance → Tax Rates.
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Add New Tax Rate:
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Click on the New Tax button to create a new tax rate.
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Important Note:
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When updating a tax rate, if the tax is already applied to an existing invoice or item, the tax rate on the previously created invoice will not be updated. Changes will only apply to future invoices or items that use the updated tax rate.