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Economic Zones

12
Jul

Economic zones are the geographical areas where your business operates and distinguish their unique tax rates and requirements (i.e. counties, cities, states, countries). You may create as many economic zones as you need to cover each unique tax area that your business falls under.

Tax Set Up: Economic Zones

Create economic zones:

Navigate to Settings > Economic Zones. Use the New button to add as many economic zones as you need, giving them descriptive names that will help you to identify them later. Edit (i.e. rename) an existing economic zone by selecting the item from the list and then click the Edit button above. Delete an existing economic zone by selecting the item from the list and then click the Delete button above. Copy Duplicates an existing economic zone

Using Multiple Economic Zones:

  • If you only have one location or all of your locations utilize the same tax regulations, then you will only need to create one economic zone.

For example, if you have multiple stores, but they are located in the same county, where all applicable tax rates and regulations are the same for each store, these would fall under one economic zone. If your business operates out of multiple locations where the tax rates and regulations may vary, then create an economic zone for each unique area.

NOTE* It is possible to have multiple locations within one economic zone.

  • If your locations will utilize different tax regulations, you would set up an economic zone for each one. Then under Tax Set Up you will add each tax rate and choose the relevant Economic Zone for each rate.
  • When you add the Tax Rates to the Sector, the Economic Zone you have indicated above will apply only to that Economic Zone assigned to the Organizational Unit. Remember that sector applies to products, Economic Zones and Organizational Unit applies to where those products are sold.

For example, if you have multiple stores, but they are located in the different counties/states, where all applicable tax rates and regulations are the different for each store, these would fall under multiple economic zones.

Assign Economic Zones:

In order to assign an economic zone Settings > Organizational Units and assign the appropriate economic zone for each organizational unit. After retrieving master data each point of sale will charge the appropriate tax rate for the economic zone assigned to its organizational unit.

See the Tax Set Up page for a full list of instructions to get your taxes set up.