Tax Configuration In Odoo
Calculating taxes has always been a difficult part of accounting. Any inconsistency or error in tax calculation can land a firm in trouble. Odoo 14 Accounting module offers a comprehensive support system to compute taxes and prepare tax structure. Odoo 14 also helps to create tax groups for different purposes.
If we are taking the example of India then the tax system will be GST. GST itself has three different forms.
* CGST (Central Goods and Service Tax)
* SGST (State Goods and Service Tax)
* IGST (Integrated Goods and Service Tax)
In many countries, we use group taxes also. VAT (Value Added Tax) can be included in the group tax category.
Step 1: To make use of the Odoo Tax setting feature, a user will first have to install the Accounting Module from the Odoo App store.
Step 2: Then. Go to, Accounting -> Configuration -> Taxe
Note: Here, the user will get a window with a list of already created taxes. The user can create new taxes by clicking the Create button
Tax name: Name of the particular tax
Tax Type: Here, the user can select if the tax is for sale or purchase. Another option is None. This option can be used if we are setting tax groups.
Amount: Amount can be included based on tax computation
Under the ‘Definition’ tab there are two options.
* Distribution of Invoices
* Distribution of Credit Notes
We can create ademo tax VAT 15%