Set Your Currency
Go to the Configuration tab to access your Company Profile.
Scroll down to Currency and select your desired currency (e.g., Australian Dollar (AUD)). This currency will be applied to all new products, and the corresponding tax rate for that currency will also be set.
3. Click Save to finalize the currency selection.
Review Product Tax Details
View an overview of your products by going to the Products page.
Refer to the Taxable column to check which products are marked as taxable.
By default, when you create a product, it will be marked as Taxable. View a product's tax details by accessing the product details page via the pencil button.
Adjust Tax Settings for Individual Products
1. To view or edit a product's tax details, go to the product's Details page by clicking the Edit (pencil) button.
2. Scroll down to the Price section, where you’ll see the currency and whether the product is marked as taxable.
3. If you want the product to be non-taxable, untick the Taxable option.
4. If you want the product to be taxable, tick the Taxable option.
When the Taxable option is selected, the Price (Excluding Tax) will be automatically calculated based on the Price (Including Tax), and vice versa.
Important Note: Abacus and Xero Integration
When exporting to Xero, Abacus will automatically classify sales based on whether products are marked as taxable or non-taxable. Sales will be directed to the appropriate Xero accounts, such as "Sales" for taxable items or "Sales - No Tax" for non-taxable items. Make sure to set up these accounts in Default Accounts for proper financial reporting.