UNDERSTANDING TAX SETTINGS
As a part of your spend manage setup, you will want to properly set your tax codes (rates). As you continue to manage your spend setup, you can create new tax codes and rates at any time in seconds – as soon as they are created they are available for use.
Neo1 includes default tax codes relevant to your country, however, you may wish to edit the tax codes to align with the data presented within your finance system to simplify your transaction import during reconciliation.
SETTING TAX CODES
Start by selecting Settings > Taxes.
You will see the default configuration.
To create a new code, click the plus sign "Create tax" icon in the top right corner. the code, rate and description are mandatory. When finished, click Done.
If you wish to edit a code, click the pencil "edit" icon to the far right of the appropriate code. Update the code, rate and/or description, as appropriate. When finished, click Done.
To delete a code, click the trash "delete" icon.
Now your new or updated code will be listed in the code table. Next, you will update your tax settings to instruct Neo1 which tax codes to use. See the tax setting options and use the drop down to select the desired tax code.
Note: any new tax codes will be immediately available, if you delete a tax code it is no longer valid for use and may trigger expenses to be passed back to the user for justification as the tax used is no longer valid. Deleted tax codes are not removed from the system or from reports with historical data, they are instead no longer available from that point on. Depending on your configuration settings, end users may have the ability to define the tax code and or tax amount paid on an expense in the Justify stage of the platform.