Tax Codes

In HirePOS, Tax Codes play a crucial role in GST calculations on various documents such as Invoices, Expenses, and Purchase Orders. Understanding how tax codes work is essential for accurate financial transactions within the system.

Most goods and services are subject to a standard tax rate, typically 10% (15% in New Zealand). However, there are exceptions for certain items like specific foods and medical goods. Items that are taxable are assigned a GST code, while tax-exempt items are assigned the FRE code.

It's important to note that modifying tax codes and rates will not automatically update existing item setups. To adjust prices in bulk, consider using the Item Prices import feature for efficiency.

If you need to customize tax codes beyond the default options, you can create or edit tax codes manually in HirePOS.

To edit tax codes:

• Go to Setup > Tax Codes in the system.

• Review the existing tax codes and their associated tax rates.

• Click on a tax code to make changes.

• Adjust the Tax Rate as needed.

You can also designate a default tax code by selecting the Default Tax Code checkbox in the Tax Code details screen during the editing process.

If your business is not registered for GST, you can utilize the FRE code for all items when configuring your system settings.

Additionally, ensure that you specify your business as Not GST Registered in the Business Details section under Setup to align with your tax status.

Understanding and managing tax codes in HirePOS is essential for accurate financial reporting and compliance with tax regulations. By following these guidelines, you can effectively handle tax-related tasks within the system.