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How do I set currency and tax in Abacus?
How do I set currency and tax in Abacus?

Currency and tax calculation

Kevin avatar
Written by Kevin
Updated over a week ago
  1. Go to the Configuration tab to access your Company Profile

2. Scroll down to Currency. Select your currency, for example "Australian Dollar" (AUD). The currency will be attributed to all of your products created from that point. That currency's corresponding tax rate will also be set.

3. Click Save.
4. You can see an overview of your products on the Products page.

Refer to the Taxable column.

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.

Scroll down to Price. It will state the currency and whether the product is taxable.

Untick Taxable if you wish the product to be non-taxable:

Tick Taxable if you wish the product to be taxable:

When Taxable is ticked, the Price (Excluding Tax) will automatically be calculated based on what you set as the Price (Including Tax), and vice versa.
โ€‹Note: When Abacus exports to Xero, it will consider what products you have marked as taxable and non-taxable so their sales go to the appropriate Xero account (either "Sales", or "Sales - No Tax"). You have to set up these accounts in Default Accounts.

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