Tax Rates
Each Product is allocated a Tax Rate. This describes the percentage of Tax (VAT) applicable to the Transaction that the Product is linked to.
Tax Rates can be accessed via the Financial icon under the Configuration & Administration menu or directly or directly from the Products screen.
New Tax Rates can be created at any time and there is no limit to the number of them defined.
Acquaint automatically creates a number of default Tax Rates:
Standard - 20% for UK, 21% for Ireland, 16% for Spain, 0% for Jersey & Guernsey
Exempt - 0%
A special option of Transaction Tax Rate Update in the Admin Tools menu exists to allow the correction of historical Transaction data if a Tax Rate has been incorrectly applied to a Product code