When setting up Products in Operate, you will need to associate the tax rate that applies to each type of product. The taxes are set up separately, under Settings > General > Organizations > Taxes, from where the system will pull them up and make them available to you each time you set up a product, create a licence, etc.
Under the Taxes section, you will find two pre-configured tax levels:
- Tax rate
You can edit the existing rates (using the pencil button next to it) or create your own, using the New button at the top.
On the tax page, you can add:
- The tax rate percentage.
- A description of the tax which you will see within the system when selecting the tax.
- Tax codes.
- A withholding tax rate percentage.
- Whether you want this tax to be the default one Operate uses.
You can also set a tax breakdown - This allows you to split your total tax into different sub-taxes that might apply - e.g.: local, state and federal taxes - each with their corresponding percentages.