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Combined Sales Tax
Combined Sales Tax

How to create and manage combined sales tax rates to properly add tax to your products.

Shandara Hart avatar
Written by Shandara Hart
Updated over a week ago

If you're unsure of your required tax rates, be sure to look them up first.

How To Create And Manage Tax Rates:

Inside Ricochet,

  1. Click Preferences

  2. Click Admin

  3. Click Taxes & Policies

    NOTE:

    **The first tax rate is your default rate that is applied to all new products unless you specifically change it. You can rename this for best frame of reference.

    **Enter rates in whole number format, for example, a rate of 6.75% needs entered as 6.75

    **You can add/remove additional tax rates using the yellow plus (+) and red 'x' icons

    **You can create as many tax rates as needed

  4. Toggle ON Multi-Tax

  5. Click Update/Save

    NOTE:

    **Each product will need its corresponding tax rate(s) assigned when inventoried. These are not automatically applied. This is particularly important in Canada when you need GST and HST/PST accounted for.

How To Add Product With Combined Tax Rates:

Inside Ricochet,

  1. Decide who you're adding the product for:

    1. Consigned Inventory: Click Accounts > Click Consignors > Click the edit pencil icon to the right of the consignor needing product added > Click the Inventory Tab > Click Add New

    2. Retail Store-owned Inventory: Click Products > Add New Item

  2. Fill in as much relevant product information as possible (Name, description, price, quantity, etc...)

  3. Click the Tax Rate drop down and select as many tax rates that apply to this item

  4. Click Save.

NOTE: Combined tax rates can also be added at the POS during a Manual Sale

Combined Tax Rates Reporting:

Inside Ricochet,

  1. Click Reports

  2. Click Sales Detail Report

  3. Choose your date range to view

    1. Click the 3 dots with 3 lines to the right of a transaction to view details of an individual transaction

    2. Review the Sales Breakdown section to view totals of each percentage in the Summary

Combined Tax is also itemized on receipts.

Example

**Customers outside the USA needing tax included on labels go to Preferences > Admin > Under Store Details, toggle ON the option for "Tax Inclusive Tags" > Click Save.

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