Retailers often face the problem of managing their tax rates on their products correctly. It is hard to keep track of all the individual tax rates they need to set for their products. Every state has its own tax regulation and there are over six different categories for commonly sold retail items. With these multiple tax rates, tax management can somewhat prove to be a challenge as retailers need to know when, where and what tax rate to use.
The most common reason why tax rates differ is because retailers sell products assigned to different tax categories. Think about high taxes for luxury goods, or items that are tax exempt. On top of this many retailers own stores in different states and therefore works with different tax regulations. Whatever the reason, flexibility in the charge of tax rates at your point of sale will show itself to be something crucial for any successful retailer.
With Posterita you have the freedom to choose from several different categories that a product might fall under. This is done when an item is created; this detail is stored together with other information about the item and can be altered if there is need to. When selecting the item at a point of sale level, Posterita assigns the right tax rate to this item based on the settings for that specific store. As a retailer, you can use different tax lists for different items and different stores.
No more worries about the tax management at your point of sale level, if set up properly, Posterita will take care of setting the right tax amount during any transaction. Different tax rates are clearly shown on the receipt that Posterita creates for your customer’s convenience and claims procedure, and for the retailers’ tax duties. Regardless of the number of different tax rates you need to work with, Posterita will always assign the appropriate tax rate to the item at checkout. On top of that, Posterita records and prepare reports of all items sold at their respective tax rates. Tax management has never been easy for your stores.