How To Automatically Calculate Tax In Sheetify Bookkeeping?

Are you struggling to manage and track your business taxes effectively? Sheetify Bookkeeping has you covered!

With Sheetify Bookkeeping’s automatic tax feature, you can automatically and accurately calculate the tax on your income and expenses in just three steps.

To automatically calculate tax in Sheetify Bookkeeping:

1. Set up the automatic tax bracket for your income and expense categories.
2. Add the correct category within your income and expenses.
3. The correct tax amount will automatically calculate next to each individual income and expense.

And that’s it! Automatic tax calculation is truly one of the simplest yet most helpful features in Sheetify Bookkeeping.

Instead of working out the figures yourself, the tool applies tax rates based on the categories you’ve set up, so you never have to worry about getting the numbers wrong again!

Check out my in-depth visual guide on how to automatically calculate tax in Sheetify Bookkeeping here. 

Here’s a step-by-step walkthrough of how you can set up and use the automatic tax calculation feature inside Sheetify Bookkeeping:

1. Open your Sheetify Bookkeeping spreadsheet file and select the ‘Setup’ tab.
2. Under ‘Income Categories’ and ‘Expense Categories’, you’ll see all your current income and expense categories (you can add, edit, or delete as many as you like).
3. Next to each Income and expense category (under the header ‘Tax’), add or adjust the tax brackets for each category.

Note: You can change these rates at any time or remove them entirely if no tax applies.

1. Click the ‘Income’ tab at the bottom of your Sheetify Bookkeeping spreadsheet.
2. Select each transaction and pick a category from the drop-down list under ‘Category’.
3. The tax rate associated with that category that you added earlier (e.g., 20%) is immediately applied.
4. The sheet also automatically calculates your net income for that specific item under the ‘Net Income’ column.

1. Click the ‘Expenses’ tab at the bottom of your Sheetify Bookkeeping spreadsheet.
2. Select each expense and choose a category from the drop-down list under ‘Category’.
3. The tax rate associated with the expense category you added earlier is automatically applied.
4. Sheetify Bookkeeping also automatically calculates the net expense for that specific item below the ‘Net Expense’ column.

And that’s how you can easily and automatically calculate tax for both your income and expenses within Sheetify Bookkeeping!

Read more: How do you make an income and expense spreadsheet?

Once you’ve successfully added the tax amount to each income and expense, it's also possible to review and download specific Sheetify Bookkeeping tax-related reports.

And get this: These reports are all built into your Sheetify Bookkeeping Google Sheets template!

To review your tax:

1. Head to the ‘Monthly’, ‘Annual’, or ‘5-year Dashboard’ tab to view the total amount of tax collected and paid (broken down by category).
2. Go to the ‘Sales Tax’ dashboard tab to see the total tax collected and paid monthly within the calendar year.
3. To download a tax-related dashboard report:
4. Go to Sheetify in the top menu and click ‘Reportify’ from the drop-down menu.
5. Select ‘Send Sales Tax’ (or the relevant report you want to send).
6. A PDF copy will be emailed to your email address.

Tip: If it doesn’t arrive, double-check you’ve added a reporting email in the Setup tab!

As you can see, with just a little initial setup, Sheetify Bookkeeping takes care of tax calculations automatically for you.

This essentially saves you time and ensures tax accuracy, whether you’re tracking income, expenses, or both!

New to Sheetify? Check out this in-depth guide on how to set up Sheetify business toolkits correctly here.

Sheetify Bookkeeping is a simple yet complete and functional alternative for small teams looking to manage their income and expenses without the steep learning curve. 

The best part? You don’t need to be a spreadsheet expert to start effectively tracking your ingoings and outgoings!

Simply log your income and expenses in the relevant ‘Income’ and ‘Expense’ sheets, and watch Sheetify Bookkeeping do the heavy lifting for you. It’s that simple.

Thanks to the built-in Apps Scripts, headers, and conditional formatting features, Sheetify Bookkeeping automatically tallies up your totals, taxes, and fees in the background.

Find out more about how you can set up your income and expenses in Google Sheets here.

Sheetify Bookkeeping does so much more than calculate your business taxes!

Specifically designed with small and micro businesses in mind, Sheetify Bookkeeping is a Google Sheets–based solution built to simplify financial tracking.

Instead of juggling complex accounting and bookkeeping software, this template provides you with a clear and intuitive way to manage your finances.

With an integrated Apps Script, built-in automations, and fully customizable templates, you can list, track, and manage your revenue, expenses, goals, and more effortlessly.

Additionally, it integrates seamlessly with other Google tools, such as Google Docs, Tasks, and Forms, to fit neatly into your existing workflow.

Best of all, it’s incredibly affordable. For a one-time fee of just $57, you’ll get lifetime access to all features, updates, and improvements, with no subscriptions or nasty hidden costs.

That means long-term value for you and your team at a fraction of the cost of traditional bookkeeping software, such as Zoho Books, Xero, or QuickBooks.

Check out everything Sheetify Bookkeeping can do here.

If you’re looking for a flexible, user-friendly, and cost-effective bookkeeping system for your small business, I highly recommend Sheetify Bookkeeping!

Get started with Sheetify Bookkeeping here.