What is tax-exempt in SAP SBO - SAP Business One?

SAP Term: tax-exempt

• Component: SBO

• Component Name: SAP Business One

• Description: A purchased item, earned income, interest income, or income from sales for which no tax must be paid.

Smart SAP Assistant

• Key Concepts: 
  Tax-exempt is a term used to describe a transaction or item that is not subject to taxation. In SAP Business One, tax-exempt transactions are those that are not subject to the standard taxes that are applied to other transactions. This could include items such as medical supplies, food, and other items that are exempt from taxation. 
  
  How to use it: 
  In SAP Business One, tax-exempt transactions can be identified by entering the appropriate code in the “Tax Code” field when creating a new transaction. This code will indicate that the transaction is exempt from taxation. Additionally, when creating a new item, the “Tax Exempt” checkbox can be checked to indicate that the item is exempt from taxation. 
  
  Tips & Tricks: 
  When creating a new transaction or item, it is important to ensure that the correct tax code or “Tax Exempt” checkbox is selected in order to ensure that the transaction or item is correctly identified as tax-exempt. 
  
  Related Information: 
  For more information on how to use tax-exempt transactions and items in SAP Business One, please refer to the official SAP Business One documentation.