Webhuk contains a modular tax calculating system. It comes pre-shipped with the India VAT tax calculating module. Multiple financial accounts can be set up by a business to receive and make payments.
India Value Added Tax (VAT)
The India VAT tax calculating system is used by Enquiries, Quotations, Orders and Invoices module. Tax rates are filled in as per government rules for the current fiscal year. These rates can also be modified at any date if the government changes the tax rates after you have configured Webhuk initially. The India VAT module also generates statutory documents required for filing sales tax and service tax returns.
Further reading: Generating Statutory Documents, Modifying Tax Rates
Financial Accounts and Payments
To receive or make Payments, there must be a financial account linked to the transaction. For example, when receiving payment via a cheque, the associated financial account must be a bank (it cannot be cash). By default Webhuk ships with a Cash financial accounts. A user can add unlimited number of financial accounts to the system.
Further reading: Adding a New Financial Account, Managing Account Types, Adding a New Payment, Pending Payments
