How do I add Taxes and Tax Rates to my account?

Adding taxes and tax rates to your account allows the system to apply the correct tax percentage automatically, saving you time and preventing errors in financial management. Follow these detailed steps to add taxes and tax rates to your Contractor Foreman account.

To begin adding tax rates, Go to the Main Menu and open the settings module, where all customization options for your account are located. Once you are in the Settings module, you will need to access the Financial settings where tax rates are managed.

After opening the Financial settings, scroll down the page until you see the section labelled Tax Rates. This is where you can view any existing tax rates or add new ones to match your local tax regulations.

To add a new tax rate: On the right side of the Tax Rates section, click the Add Tax Rate + button. A new window or form will appear, allowing you to input the details of your new tax rate.
In the form for adding a new tax rate, you can add your tax rates as a single tax rate or a combined tax rate.

Select the suitable type, and you’ll need to provide specific details such as:

• Tax Name: Give the tax rate a name that clearly identifies it, such as “State Sales Tax” or “VAT”.
• Tax Percentage: Enter the percentage value for the tax. For example, if your sales tax is 10%, input “10%.”
• Tax is Reversible (optional): If this box is selected, the tax will be applied to the Invoice or Estimate and then deducted, causing the Total to match the Subtotal.

Once you’ve filled in all the necessary details, click Save to add the tax rate to your account. Your new tax rate will now be available for selection when creating estimates, invoices, and other financial documents in Contractor Foreman.

Additional Tip: Set Default Tax Rate for Estimates
If you want a particular tax rate to be applied automatically to all future estimates, you can set it a tax rate as the default within the Financial settings. Navigate to Financial settings, and enable which item types need to be taxed by default under the “Automatically select to ‘Tax’ these item types” section.This will save you from having to manually apply the tax rate each time you create a new estimate.