Prism automatically detects and projects tax rates based on property location, zip code, and city. This feature allows you to override system projections when your property has different rates or when Prism's projection needs correction.
Please note: This will only impact billable charges created after updating the tax rate settings.
Prerequisites: Setting Up Permissions
Before you can edit property tax rates in Prism, you must have the appropriate permissions:
- Navigate to the Admin > Managed Permissions area in Prism.
- Locate the permission labeled "Can edit billing tax rates."
- Ensure this permission is enabled for your user group. Note: This permission is automatically enabled for Account Admins.
If you do not see this option or cannot enable it, please contact your Prism system administrator for assistance.
How to Update Property Tax Rates
Step 1: Access Your Property
- Go to the My Properties tab or module.
- Find and select the property you want to manage.
Step 2: Navigate to Tax Rate Settings
- Click on Settings for your selected property.
- Select Accounting from the settings menu.
- Locate the Tax Rate field within the accounting settings
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Step 3: Edit the Tax Rate
- Click to edit the Tax Rate field.
- Enter your desired tax rate percentage (for example, change from 8.875% to 9.2%).
- Important: Click Save to apply your changes.
Step 4: Reset to Default (If Needed)
- If you need to revert your changes, select Reset to Defaults.
- This will restore the original system-projected tax rate for that location.
Important Notes
Impact on Existing vs. Future Charges
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Tax rate changes only affect future calculations.
- Previously logged materials, labor rates, and other charges will retain their original tax rates.
- New entries (after the change) will use the updated tax rate.
Areas Affected by Tax Rate Changes
- Resource reservation charges
- Labor and material charges (work orders, preventive maintenance tasks, inspections)
- Purchase orders
Additional Tips & Troubleshooting
- If you do not see the Tax Rate field or cannot edit it, double-check your permissions or consult your system administrator.
- Ensure the Company is set up as Taxable in their settings within their My Companies profile.
- Always click Save after making changes to ensure your updates are applied.
- Use the Reset to Defaults option if you need to quickly revert to the system’s suggested tax rate.
For more information on permissions and property management in Prism, see the official Prism documentation or contact your support te1am .