- Set up all Economic Zones. Economic zones are the geographical area(s) where your business(es) operate and can be distinguished by their unique tax rates and requirements (i.e. counties, cities, states, countries).
3.Create Sectors. Sectors are a way to group products by their similar taxation requirements (i.e. products that are tax-free can be placed in a tax-free sector, products that receive a general sales tax, liquor products, etc…).
4. When you create your products, select the appropriate sector (i.e. a set of applicable tax calculations) and if needed, you may also select an alternate sector for products whose taxation may vary depending on the situation.
To mass apply a tax sector to products, simply Filter your products by the desired filter (Commodity group, Assortments, etc.,). Click the Edit button. On the Edit Product page locate the Sector and Alternative Sector drop-down menus on the right-hand side. There you may select the appropriate tax to be applied to all products within that filter. Once done click Save.
Net revenue, gross revenue, and amounts incurred may be viewed in the Tax Report.