You can set charge types or specific charges and payments to be tax deductible.
For the whole charge type
Go to Admin Menu - My Lists and select "Charge Types" from the drop down menu. If you are creating a new charge, click on "Add New," otherwise click the name of the charge type you want to set:
- None: All charges will be $0 deductible.
- Completely: All charges will be 100% deductible.
- Percentage: Allows you to manually enter in the percent of each charge that should be deductible.
- Certain Amount/Everything But Amount: Allows you to set the specific amount of each charge that should be deductible or not deducible per quantity.
- When you add a charge in Transaction Add, you have the option of indicating the quantity of the charge, which will determine how much is tax deductible. For example, if you have a dinner charge of $250 where $50 is NOT deductible, and you add a charge for $1,000, you would enter the quantity as four to tell the system that $200 is not deductible.
For individual charges/payments
To allow an admin to set a specific charge or payment as deductible or not, you need to first enable that in the settings. Go to Admin Menu - Settings, edit your settings and scroll down to the Financial Options:
By default, "Custom Tax Deductible Amounts" will be set to No. If you set it to Yes, you can edit a charge or payment and override the tax deductible amount.