Tax Codes

Many of the finance related features of MRI Evolution can take into account Tax or VAT codes.

This page is where Users maintain the descriptions and percentage values for the different Taxes to be applied in MRI Evolution, such as VAT, Sales Tax and so on.

Available from 6.4.0.0

A second Tax Code identifier can now be added, where necessary, to allow for multiple taxes to be applied since some countries, such as the USA, have local taxes that are applicable in addition to regional taxes and so on.

An option to compound the two taxes, or not, has also been added.

Settings > Finance > Tax Codes

The link will open the Tax Codes grid. It is a grid view which can be searched, sorted and customised as normal.

To add a new Tax Code click New , to edit an existing Tax Code click Edit . A pop up window will appear which will allow the creation or amendment of a Tax Code.

Click to view - Tax Codes Fields and Descriptions

Field Name	Description
TAX Code	Enter a suitable identifier for the current Tax Code.
Rate	A read only calculated field displaying the tax percentage rate to be applied. The calculation applied depends on whether the Compound check box below is checked: If unchecked: A simple sum of the Rate 1 and Rate 2 values below If checked: The compounded tax rate will be the equivalent of the calculated tax rate that will be applied after compounding Rate 2 on top of Rate 1. In other words, tax Rate 1 is applied to get a sub total and tax Rate 2 is applied to the sub total
Description	Optionally enter an appropriate description for the Tax Code.
Tax Elements
Code 1	Available from 6.4.0.0 Enter a suitable Tax Code identifier, this may be the same as the parent TAX Code or a different value to provide a more specific Tax Code.
Rate 1	Available from 6.4.0.0 Enter a numeric percentage value for the Tax Rate.
Code 2	Available from 6.4.0.0 A second Tax Code identifier can be added, where necessary, to allow for multiple taxes to be applied. Some countries, such as the USA, have local taxes that are applicable in addition to regional taxes and so on. Note: This field can be left blank if a second tax is not appropriate.
Rate 2	Available from 6.4.0.0 Optionally, enter a numeric percentage value for the Tax Rate. Note: This field can be left blank if a second tax is not appropriate.
Compound	Available from 6.4.0.0 A check box to control how the Rate value above is calculated: If unchecked: A simple sum of the Rate 1 and Rate 2 values above will occur If checked: The compounded tax rate will be the equivalent of the calculated tax rate that will be applied after compounding Rate 2 on top of Rate 1. In other words, tax Rate 1 is applied to get a sub total and tax Rate 2 is applied to the sub total

Complete the fields and click Save and Close .