To Set Up a Product as Taxable or Tax Exempt:

  1. Navigate to the Products tab and select the product you wish to configure.
  2. Populate the Tax Type field to indicate whether your product is a "Taxable Product" or "Tax Exempt Product".

Note: Products can be updated as taxable or tax exempt using the Product Template.

To Set Up a Tax Rate 'Product':

  1. Navigate to the products tab and click the "New" button.
  2. Name your tax product (e.g. Australian GST Tax).
  3. Ensure it is marked "Active."
  4. Populate the 'Revenue GL Account' with the sales tax liability GL account that you have created for sales tax payable, for example, 2050-Good and Services Tax Payable. 
  5. Set the Tax Type field to "Tax Rate".
  6. Enter the appropriate tax percentage in the Tax Rate field.

Note: Tax products can be added using the Product Template.

 
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