Set your tax rate (VAT)

Your default tax rate is the percentage Upcycle adds to every new invoice. Set it once, before you create your first invoice.

Steps

1. Open Accounting from the side menu, then Tax rates. It is in the Accounting settings group at the end of the menu.
2. The accounting settings page opens on the Tax rates tab. Find the Default tax rate card at the top.
3. Type the percentage in Rate (%), for example 14 or 15.
4. Click Save.

To turn tax off, set the rate to 0 and save.

Good to know

• The default rate is applied automatically to every new invoice. The tax on a saved invoice is calculated from this rate, so check it before you start invoicing.
• Changing the rate does not change invoices you already created. It applies to new ones only.
• The same page lists your saved tax rates. Click Add rate to add one with a Tax name, a Tax code, a Rate (%) and a Tax type (VAT, Sales tax or GST). This list is your record of the rates you use. Invoices take their tax from the default rate above.
• Companies in Saudi Arabia: open the ZATCA / E-invoicing tab on the same page and fill in the Seller name, VAT number and Seller address. These details are used for the QR code on your invoices.
• The other tabs on this page are Payment methods, Currencies, Expense categories, Fiscal periods and Approval thresholds.
• The Tax report, which sums the tax on your invoices for a period, is part of the financial reports in the Professional plan.
• Only users who are allowed to manage accounting settings can change the tax rate. If Save is refused, ask the workspace owner.