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Currency & Taxes
Before you create any orders, even test or dummy orders, you need to let Teesom know about the currency you will operate in and what tax system it needs to use.
Select your currency and tax system in Teesom
In Teesom, go to the Main Menu -> Company Settings
Then expand the section: ‘My Company’
1.) Currency to charge in
- Select the currency you will be using on your invoices
2.) Tax System
- Select which tax system Teesom should use (see below for more details)
3.) Tax System Name
- This is just a “label” for your selected tax system, for example, you could call it: ‘VAT’ or ‘GST’ or ‘Sales Tax’ – whatever makes the most sense to you.
Tax System
Teesom supports multiple different ways of dealing with tax, for example:
- General Sales Tax (GST)
- Combined Tax
- Value Added Tax (VAT)
- Tax-on-tax
For now, all you need to do is select whether Teesom should calculate tax:
- once for the whole order: “Tax on the order“,
- or if it will calculate tax on each item row individually: “Tax per line on the order“.
1.) Sales Tax On Order
Under this system, each item on the order will either be marked as “Taxable” or “Non-taxable”.
The customer on the order will be allocated a specific tax rate (%), probably based on where in the US they are located.
2.) Sales Tax Per Line on Order
Under this system the customer on the order will be marked as either being Taxable or Non-taxable, and each item on the order will have its own Tax Rate (%).
This is the VAT based system. If you are in Europe, you will most likely select this as your “Tax System” in Teesom.
Once Teesom knows which tax system you use, you can proceed to create the various Tax Rates (or “Tax Codes”) for your company.
We will be covering this in a later tutorial, but if you like, you can proceed there now: