Raytio's Financials – Tax (FTX) module manages tax configuration and calculation for Accounts Receivable and Accounts Payable transactions. It supports multiple tax regimes (e.g. New Zealand GST, Australian GST, UK VAT), multiple classification codes per regime, and automatic tax calculation when transactions are completed or validated.
Tax configuration in FTX follows a three-level hierarchy: regimes define the tax framework for a country, taxes define the individual tax types within a regime, and rates define the percentage and classification for each tax.
Tax calculation in FTX is automatic — it runs via database triggers whenever an AR transaction is finalised or an AP transaction is validated. The result is a set of tax lines that record the calculated tax for each transaction line.