Setup tax as recoverable or expense based on item

SOLVED

Hi,

Is it possible to mark items in a way that tax paid on purchases are recoverable for some items and expensed for other items?

Thanks & Regards,

Ubaidullah Nubar.

Parents
  • +1
    verified answer

    Yes. You would need to setup two Tax Authorities (even though, in real life, they are the same tax authority/agency). One would be set to Recoverable, the other to expensed normally. Have your Tax Group include both. Then you can pick and choose, item by item, the different classes. Just make sure you only set one or the other tax authority as taxable for any given item.

Reply
  • +1
    verified answer

    Yes. You would need to setup two Tax Authorities (even though, in real life, they are the same tax authority/agency). One would be set to Recoverable, the other to expensed normally. Have your Tax Group include both. Then you can pick and choose, item by item, the different classes. Just make sure you only set one or the other tax authority as taxable for any given item.

Children