How to Utilise Tax Fields

Role: ✔ Accountant, ✔ Admin, ✔ Team Manager, ✔ Employee

In your Spenmo dashboard, you can find a transactions page that contains a list of all the transactions you've made and their respective details. Spenmo provides a tax field in each transaction that can be used to track the tax rate of each expense.

All roles in Spenmo are able to edit transaction details including the tax field. These details can then be synced directly to Xero or downloaded via CSV for bookkeeping purposes by the Admin and the Accountant.

How to Add Tax To The Spenmo Dashboard

Role: ✔ Accountant, ✔ Admin, ✖ Team Manager, ✖ Employee

Before you use the tax fields, please ensure you have added tax options to your Spenmo dashboard. Please find a guide on how to do so below.

1. Hover over the ⚙️ ‘Settings’ icon on the bottom left of your screen, and click ‘Tax’.

2. Click on ‘Add new Tax’ button

3. In the Add New Tax column, fill in the Tax name and Tax rate. 

If you have connected your Spenmo account with Xero, there will appear a new field which is Tax Name on Xero. In this field, you can select the tax name on Xero to map it with your tax in Spenmo.

Note: 

Please ensure that the tax rate you set up in your Spenmo dashboard matches the tax rate in Xero.

You can also set your tax in Spenmo as Active or Inactive in the Status. You can set the status as Inactive when you currently don’t use this tax. If you set the status as Inactive, the tax will not appear as a selection of the Tax on the Transaction details page. 

After you’re done, click ‘Save’.

4. The new tax will be added automatically to the Spenmo dashboard.

If a tax name has already been taken, you will not be able to add the same tax name again. If you’ve failed to add a new tax, please ensure you don’t add the existing tax names.

How to Import Tax from Xero

Role: ✔ Accountant, ✔ Admin, ✖ Team Manager, ✖ Employee

1. Hover over the ⚙️ ‘Settings’ icon on the bottom left of your screen, and click ‘Tax’.

2. Click on the ‘Add Tax’ button and select the ‘Import from Xero’ button.

3. In Import from Xero tab, click ‘Import Tax’.

4. After importing the tax, you can also automatically map the new tax with the existing tax in Spenmo by clicking ‘Map New Tax’.

5. Afterward, click ‘Finish Importing & Mapping’.

6. The new tax will be imported and mapped automatically to the Spenmo dashboard. 

How to Set Default Tax from Categories Menu

Role: ✔ Accountant, ✔ Admin, ✖ Team Manager, ✖ Employee

Besides attaching the tax manually in every transaction, you can also set default tax for every category of transactions. Please find a guide on how to do so below.

1. Hover over the ⚙️ ‘Settings’ on the bottom left of your screen, and click ‘Categories’.

2. Choose the category you want to attach with the tax. If you still don’t have any categories, please find a guide on how to do so here.

3. Click on the dropdown menu under ‘Default tax’. Your existing tax names and tax rates will appear for selection. Proceed to select the tax you want to attach the category to.

4. Once you’re done, click ‘Save’.

5. Afterwards, every transaction that is assigned with the category above will be attached with the default tax.

As long as your Spenmo account is connected to Xero, you can sync the tax information for each transaction to Xero. Please find a guide on how to sync tax to Xero here.

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