How to Mark Financed Amount as Non-Taxed

Marking Financed Amount as Non-Taxed

To ensure that taxes are not applied to the financed amount of a transaction in AltheaSuite, please follow the steps below: 

Step 1: Login to your AltheaSuite account.

Step 2: Navigate to Sales > Finance Agency.

Select and modify the finance agency you want to mark as non taxed.

Step 3: Check the box “Financed amount is not taxed”.

When this option is enabled and the payment mode is set to Finance Agency, the system will not calculate tax on the amount paid by that finance agency.

Step 4: Go to Sales Invoice to create a new Invoice. Then click on “Pay Now” to navigate to the payment screen.

Step 5: Select payment mode as Finance Agency, choose the Finance Agency and enter the amount you want to pay through it. Then, click on “Re-Calculate Tax”.

The system will then recalculate the tax only on the remaining amount.

Step 6: The remaining pending amount can be collected using other payment modes.

Finally, click on Save to record the payment.

Step 7: View the invoice from the grid and you will see that the tax amount has been waived on the amount paid through the finance agency.