How To Set Up Taxes for a Venue
When setting up a new venue, it's important to initiate the correct taxes. Depending on your state and local laws, there are different ways to set up your taxes. POSaBIT makes it easy for you to customize your taxes for each venue.
Follow the steps below to learn how to set up Taxes in POSaBIT:
- Log in to the POSaBIT POS Portal.
- Open the Settings menu, then select Taxes
- Click on New Tax
- Here, you will input a single tax item:
- Name - This is the name of the tax. An example would be "City Sales Tax", "County Sales Tax", "State Excise Tax", and so on.
- Tax Rate - This is the percentage tax rate. This defaults to 0.0.
If you are doing a Flat Tax, you must input "0" in "Tax Rate" or it will give you an error. - Amount $ - Leave this blank if you are doing a percentage.
To learn how to input a Flat Tax/Dollar Amount click HERE - Is Active - Check the box to activate the tax.
- Since you can't delete the tax after setting it up, you can make it inactive.
- Cannabis Tax - This tax is determined by your region (State & City). Confirm with your compliance officer that you are putting in the right amount of cannabis tax.
- Once you have entered all the required information for the New Tax, press Save and verify that all information was entered correctly.
- Repeat the steps above to create separate taxes for each type of tax.
- After a tax is saved, click Edit on it to see more options: Include in Price, and a table of every product type where you can choose which product types the tax is Active for and whether to Exclude Patients, Exclude Recs, or exclude specific Customer Tags.
- You can also set taxes from each product type. Go to Inventory > Product Types and click Edit on a product type.
Learn how to create Product Types here. - Inside the Product Type, check the appropriate Tax Items on the list (and Exclude Patients / Exclude Recs if needed). This will apply the appropriate taxes at the time of purchase.
Note: All of the Tax Items are checked by default. You must uncheck "Bag Tax" for non-bag product types (if you have a Bag Tax set up)
- Save and verify that all information was entered correctly.
Things to note:
- The Sales Tax can be written separately or as a combination of state and local taxes.
- Almost always, taxes are included in the price.
- The store is responsible for knowing all the right taxes! If needed, clarify with your compliance officer before running transactions.
- You can't delete a listed tax once it's created, but you can make it inactive.
For additional assistance, please reach out to POSaBIT support @ 1 (855) POSaBIT OR SUPPORT@POSaBIT.COM
