The Taxes Paid is now moved to Custom Cost page. Now can you set up tax costs you pay to your government in Custom Cost page . Taxes paid are considered as a category in the custom cost. Once taxes are set up in TrueProfit, you can start tracking all your costs more accurately and easily.
On this page
What changed and how it affects your store
Even though Taxes Paid now lives under Custom Cost, nothing is lost or broken:
All your historical tax data is safe: We migrated it automatically. Taxes Paid amounts are now included in your Custom Cost total, so you may see a higher Custom Cost figure than before.
Everything is centralized: Manage every custom cost (including Taxes Paid) from one place.
No feature loss:You’ll keep the same controls and reporting you’re used to—just in a cleaner hub.
How to Set Up Taxes Paid cost for your store
Now taxes paid is a category in the Custom cost. Reading how to add a custom cost like taxes paid in this article.
1. For fixed taxes
A fixed amount of money that will be counted as Taxes Paid.
Step 1: Go to Custom Costs in the left menu > click Add cost.
Step 2: Enter a name, select Fixed cost.
Step 3: Choose the currency and enter the amount.
Step 4: Repeat this cost
Decide if this cost is one-time or recurring.
For one-time costs: Leave the repeat option off.
For recurring cost: Turn on Repeat this cost and set the frequency (repeat every 1 day, every week, every month).
Step 5: Set the dates.
One-time cost: Start date = End date.
Recurring cost or ongoing cost: Select only the Start date. End date is no needed. Click the x to remove end date
Step 6: Select Taxes Paid or add a category by typing
Step 7: LTV:CAC ratio (optional)
Check the box “Include in LTV:CAC ratio”, If you want this cost to be included in the LTV:CAC ratio calculation.
Leave it unchecked if you don’t want this cost counted in the ratio.
Step 8: Click Add
2. For Custom Taxes
A percentage amount that will be taken out of your total Revenue/COGS/Profit to be counted as Taxes Paid.
Step 1: Go to Custom Costs > click Add cost.
Step 2: Enter a name, then select Variable cost.
In the amount section (% list), we have all the same options as before
Step 3: Select cost source
Choose the source of this cost (e.g. % COGS).
Enter the percentage you want to deduct.
Step 4: Set the dates
One-time cost: Start date = End date.
Recurring cost or ongoing cost: Select only the Start date. End date is no needed. Click the x to remove end date
Step 5: Select Taxes Paid or create a category by typing
Step 6: LTV:CAC ratio (optional)
Step 7: Click Add
Note: In dashboard, the cost breakdown section or in the P&L report, taxes paid will one of part of custom costs
What are the differences between Taxes Collected and Taxes Paid in TrueProfit?
Taxes Collected is the amount you charge in each order to your customer; it is calculated as an income. TrueProfit will pull this metric from your Shopify Admin settings and add it to your Revenue and Net Profit calculations:
Revenue = Gross Sales – Discounts – Refunds + Taxes Collected + Shipping Charged
Net Profit = Revenue + Tips + Gift Card Sales - Total Cost - Taxes Collected
The Taxes Collected in TrueProfit will match this report on your Shopify store:
Taxes Paid is the amount of tax you need to pay to the government. As Taxes Paid is calculated as a custom cost, it will be added to Custom Costs metric and displayed in the Cost Breakdown section.