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Tax Settings

Product Success Team
  • Updated

Set up taxes for your estimates and invoices once and for all! Tax settings in Thryv gives you the tools you need to set up your invoices so they are automatically in compliance with your local laws and help you charge the taxes you need from your customers!

 

To set up your taxes, navigate to Settings>Payments>Taxes

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From this screen, you are able to set up the taxes to be used on your invoices. 

Configure Tax Inclusion/Exclusion (For US taxes, VAT, or GST)

First, use the radio buttons to toggle whether your prices will exclude or include tax.

Note: If you are using an accounting app integration such as QuickBooks, it's best to use 'Exclude Taxes'. If you choose this option and you have an accounting app, you may have to manually update your taxes within the accounting app

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  • Exclude Tax - This means the price of your product/service will be your price, and then taxes will be added on top of that afterward (Practice in US)
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  • Include Tax - This means that the tax will be built into the price of the product/service (Practice in AUS, CAN, and elsewhere)
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To add a new tax, click on Add Tax. A new line will appear, and you can enter the name and tax rate as before

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Click on the Apply to new items drop-dow to select which type of new items this tax should apply to. Selecting a box will have this tax automatically applied to any new items created of that type.

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To delete a tax, click on the Tri-dots and then click on Delete Tax

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Configure Taxes For Your Country

Tax settings in Thryv may need to be adjusted according to which country you are operating in. Below is a guide for each country to configure taxes correctly. As always, to determine the specific taxes that apply to a business's products or services in a particular location, it's advisable to consult with a tax professional or accountant who is familiar with the tax regulations in your area.

USA

Tax on Deposits

Deposits on an estimate in the US are generally not taxed at the time of the deposit. However, the tax treatment of the deposit may depend on whether the deposit is refundable or non-refundable.
If the deposit is refundable and is intended to be applied toward the final payment for goods or services, it is generally not subject to sales tax at the time it is collected. However, when the goods or services are later provided and the final payment is made, sales tax may be charged on the total amount, including the deposit. 

Australia

It is mandatory for businesses registered for Goods and Services Tax (GST) in Australia to include their Tax File Number (TFN) or Australian Business Number (ABN) on the invoices they issue to customers. In addition to the ABN or TFN, invoices issued in Australia must also include other specific information, such as the date of issue, a description of the goods or services provided, the total amount payable, and the amount of GST charged. These items are already included in the invoice creation process.
To add your TFN/ABN to your invoices by default, navigate to Settings>Payments>Invoices & Estimates and locate the Your business info ("From") section. Enter your TFN or ABN here and it will appear on all future invoices and estimates. 
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As for deposits, deposits on a quote may be subject to Goods and Services Tax (GST) depending on the circumstances.
When tax is added to an item in Thryv, it always applies on the invoice total, and does not apply to the deposit itself. The necessary taxes will be accounted for in the invoice total, and will not show on the quote itself, as the deposit is not considered an "item" in Thryv. 
It's important for businesses to understand the GST regulations in Australia and accurately report any deposits on estimates on their tax returns. If you're unsure about the tax treatment of deposits or have any other tax-related questions, it's advisable to consult with a tax professional or accountant for guidance.

 

Canada

In Canada, deposits on an estimate or quote are generally subject to tax. When a business receives a deposit from a customer, it is typically considered to be payment for services or goods that will be provided in the future. As a result, the deposit is generally subject to the same tax rules as the final sale.

When tax is added to an item in Thryv, it always applies on the invoice total, and does not apply to the deposit itself. The necessary taxes will be accounted for in the invoice total, and will not show on the quote itself, as the deposit is not considered an "item" in Thryv.

 

Now that your taxes are configured, you're ready to add your products! Click Here for a full guide to adding your product list to Thryv

 

 

 

 

 

 

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