Depending on where you have your practice you may have to add tax for either your time or expenses when generating invoices each month. With TimeSolv, you can set the taxable status of every client for both time and expenses and that’s our Tip of the Week.
Open the client details and under the general tab, you’ll see a dropdown menu in the right column for Taxable Status. If you need to tax your clients, choose Taxable. That will create two additional rows for time and expense. You can set the default tax for both of those in the Time or Expense settings. If you need to change the default for either setting, simply check the box that says Override Firm Setting and enter the percent.
You can also tax your time or expenses by Task. Instead of choosing Taxable in the dropdown menu, you simply choose Taxable by Task. Then, in the Task Code settings under the Time or Expense tab, you choose which tasks codes should be taxable. Whenever you then choose those task codes as you make time and expense entries, they will automatically calculate the tax if you’ve chosen Taxable by Task in the client settings.
Once you’ve set the taxable status for your client, when you create your draft bills, the tax rate you’ve set will automatically be calculated and displayed on the invoice. Simple and easy!
If you’d like more help learning about taxable status, call us at 1.800.715.1284, email us at email@example.com or schedule a FREE 30-minute support session.
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