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 the document, and it flows straight into your books and reports — no manual sums.
Your tax setup
You chose your default tax code and rate and your filing frequency during company setup, based on your country. For most businesses that's enough to start invoicing correctly straight away.
Tax codes
A tax code captures a particular tax treatment — a standard rate, a reduced rate, or a zero/exempt rate. By putting the right code on each product, you make sure the correct tax is charged every time without thinking about it. Products that are taxed differently simply get a different code.
Seeing what you owe
Because every taxed transaction is recorded, NexerIQ can show you the tax you've collected on sales and paid on purchases over a period — the figures you need when it's time to file. Run your finance reports for the period to see the picture.
A word of advice
Tax rules vary by country and can change, so if you're unsure which code or rate applies to something, check with your accountant. Getting the codes right on your products up front means everything downstream — invoices, reports, filings — just works.
Related Articles
Finance reports: which one to use and where to find it
Because NexerIQ records every transaction as it happens, your financial reports are always ready — no spreadsheets, no month-end scramble. This page is a quick map of the finance reports available under the Finance menu, so you know which one to open ...
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 ...
Closing a period and fiscal period statuses
Closing a period — usually a month — is how you draw a line under a stretch of time once its books are finished, so the figures you reported stay exactly as they were. NexerIQ tracks the state of each accounting period for you on the Finance → Fiscal ...
Finance settings: default GL accounts, receipt methods, and payment terms
Finance settings is where you tell NexerIQ how to handle the accounting behind your day-to-day documents — which ledger accounts to post to, how customers pay you, and the credit terms you offer. Setting these once means invoices, payments, and ...
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. ...