To manage the currency or sales tax in your Switch account, simply click the Gear icon on the top right corner then click Currency & Taxes under the Basic Settings.
Whenever you want to include tax in your services, you have to consider whether you want it to be an inclusive or exclusive sales tax.
Sales Tax (Exclusive)
Exclusive of sales tax means the amount of services doesn’t include sales tax and will be added to the grand total amount.
Sales tax (Exclusive) calculation:
Sales tax (Exclusive) = Total Due x Sales tax rate (%)
$325 x 5% = $16.25 (Sales Tax)
Sales Tax (Inclusive)
On the other hand, inclusive sales tax means that the amount of services does include a sales tax already.
Sales tax (Inclusive) computation shown below:
Sales tax (Inclusive) = Subtotal - (Subtotal / (100% + sales tax rate))
300 - (300 / (100% + 5%))
300 - (300 / 1.05)
300 - 285.71 = $14.29 (Sales Tax)
More info about inclusive computation in depth explanation can be found [here].
You can select the preferred currency from 180 currencies available.
Note: If you need another currency to match what you have in your extranet, you can always set a secondary currency in your calendar.
For guidelines on how you can set your secondary currency, kindly click this [LINK]
You can also adjust the number of decimal places as shown below..
Quick tip: If the decimal places selected won't show, try to do a hard refresh on your browser. The list below shows how to do a hard refresh depending on your browser and operating system.
- For Windows/Linux: hold down Ctrl and press F5
- For Mac: hold down ⌘ Cmd and ⇧ Shift key and then press R
Mozilla Firefox and Related Browsers:
- For Windows/Linux: hold the Ctrl key and press the F5 key
- For Mac: hold down ⌘ Cmd and ⇧ Shift and then press R
- Hold the Ctrl key and press the F5 key.