Keka PSA's billing features include a robust tax function that allows you to add different taxes typically applied to project invoices. You have the flexibility to add individual taxes or group taxes within Keka PSA, which can then be incorporated into the invoices you generate.
Taxes play a crucial role in ensuring financial compliance. Tax rates can vary depending on the country you operate in, the type of services you provide, and the specific tax regulations you must adhere to. In some cases, like with GST in India, a group tax may be applicable, where state and central GST rates are combined to determine the total tax rate.
Learn how to add taxes to Keka PSA and efficiently manage them within the system.
To add a new tax rate, simply go to the Project section in the left navigation pane, then click on the Finance tab. From there, select the Settings tab and navigate to Taxes.
To add a tax rate, you have the option to add either an individual tax or a group tax from this page. Let's start by looking at how to add an individual tax.
Adding an individual tax rate:
Simply click on the +Add Tax button and then choose Add Tax from the drop-down menu.
Within the Add Tax window, provide a descriptive Name for the tax. Specify the Legal Entity to which this tax applies. Additionally, input the Tax Rate %. Once all details are entered, click on the Add button to save the newly added tax.
Saving the new tax rate is essential to ensure accurate invoicing and financial compliance.
When it comes to adding a group tax rate, you can combine two different taxes to create a group tax. To do this, simply click on the +Add Tax button and select Add Group Tax from the drop-down menu.
Provide a name for the group tax and choose the appropriate Legal Entity to apply this tax rate. Within the Taxes section of the window, select the specific taxes you wish to combine to form a group tax. Utilize the drop-down menu to choose from pre-configured tax rates, or you can add a new tax by selecting the +Add New Tax option. Once all details are inputted, click on Add to save the newly created group tax.
View all the tax rates you have added on the Tax Rates page. You can quickly enable or disable a tax rate by using the toggle button located under the Status column. To make changes to a tax rate, simply click on the Edit icon found under the Actions column.
That covers the process of adding and handling tax rates within Keka PSA. If you have any more questions or need further assistance, feel free to reach out to our team of product experts today!
For further information on adding tax rates for billing on timesheets, click here: How to add the Tax Rates for billing in timesheet?