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home/Knowledge Base/Accounting/FAQ – Taxes

FAQ – Taxes

6 views 0 December 5, 2022 mippsupportadmin

Here are the frequently asked questions for the topic:
1) How to add new taxes?
Answer: From the ‘Taxes’ page, look to the top left for a blue box labelled “Add New Tax”. From the resulting page which pops up, you should fill out the tax name, rate, option for recovery, etc and click ‘Add’..

2) How to deactivate/activate a tax?
Answer: From the rightmost column of each tax, click on the edit symbol. This leads to a pop-up window. At the bottom of the window, you can find the option to check/uncheck the ‘Is Active’ option.

3) Is it possible to change recoverable option after creating the tax?
Answer: Once you create a tax, it is not possible to change the recoverable or non-recoverable option. So therefore, you should be careful when making this choice.

4) Why cannot the tax rate be changed after tax creation?
Answer: It cannot be changed simply because our system does not allow it. Furthermore, taxes are usually applied to at least one income or expense, so there could be lots of accounting errors.

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