Eleven supports taxes in most of the jurisdiction. Eleven will automatically calculate VAT/GST and sales tax, allowing you to easily track, review, and report taxes of any complexity. We also support multiple tax offices with their own rounding rules and precision. Users can also set the Tax currency independently of the functional currency.
You can define tax points: due on invoice or on payment. Eleven will calculate tax rates based on a date, location, type of product, service, or customer. For countries where applicable, taxable amounts in FX will be automatically converted in Base. We also support generating 0 value tax lines and journal entry lines for nontaxable amounts as per required in some jurisdictions.
This on-demand report will keep you up-to-date on your taxable and nontaxable sales and purchases, all broken down by tax agency. User can at any time view the details of the Tax Lines.
Once the Tax Report is verified, Eleven can reconcile and generate the tax settlement Journal entry, netting all the Tax accounts for the period. Adjustment to the tax payable / tax receivable amounts can be easily made if needed and will be tracked in the report.
You can create as many taxes and tax combinations as you need — rates, amounts, groups, withholding tax — and define the basis for the calculations as taxable, tax on tax, percentages and amounts with support to up to 3 decimals for tax rates and 0 in the percentage/amount value
Book a personal live demo to see how Eleven can streamline your accounting practice and tasks.
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