Setting a product's price, tax and accounting

Setting a product's price, tax and accounting

Why this matters

A product's price and tax settings decide what your customers pay, while its accounting settings tell NexerIQ which ledger accounts a sale or purchase should post to. You set these once on the product and they flow through to every quote, invoice, and purchase order.

Set the selling price

  1. Open the product and select the Pricing tab.
  2. Choose the Currency.
  3. Enter either the Unit price (ex. tax) or the Unit price (inc. tax) — NexerIQ calculates the other one for you using the product's tax rate.
  4. Click Save.

Control discounts

Still on the Pricing tab, tick Allow discount to let this product be discounted on documents, and set a Maximum discount % to cap how far it can be reduced.

Accounting and tax

Open the Commerce tab to find the Accounting card:

  • Tax percent and No VAT — the rate that applies, or an exemption.
  • Sales tax code and Purchase tax code — pick a defined code and the rate fills in automatically.
  • Sales ledger code and Purchase ledger code — the revenue and expense accounts to post to.
  • Default dimensions — optional cost-centre or project tags.

Click Save on the card to keep your changes.

Purchase settings

The Purchase settings card on the same Commerce tab covers buying: a Default purchase quantity, a Delivery time (days), an option to skip the product in purchase suggestions, and an extra fee item code. To record supplier prices, add entries under Vendors on the Relations tab.

    • Related Articles

    • Tax and VAT basics

      How tax works in NexerIQ NexerIQ handles sales tax (VAT/GST) for you on every document. Each product carries a tax code, and whenever it appears on a quote, invoice, or bill, the right tax is worked out automatically. You see the tax broken out on ...

    • Asset accounting, linked products, and settings in NexerIQ

      NexerIQ connects each asset to your accounting setup and lets you turn the asset register on or off for your company. This guide covers the accounting fields, linking an asset to a product, and the asset settings page. Setting the accounting details ...

    • Set up accounting dimensions, projects, and profit centers

      Accounting dimensions let you tag transactions with extra labels — such as a project, profit center, or other category you choose — so you can slice your reports by more than just the ledger account. Turn them on when you want analytical reporting ...

    • Setting an employee's pay, tax, pension, and union details

      Each employee carries their own pay and tax setup, which NexerIQ uses every time you run payroll. You'd set this up when someone joins and update it whenever their pay, tax position, pension, or union membership changes. Open an employee from People ...

    • Understanding your chart of accounts

      Your chart of accounts is the list of "buckets" your business uses to organise its money — a bank account, sales income, rent, tax owed, and so on. Every transaction in NexerIQ lands in one of these accounts, which is what makes your reports add up. ...