Taxes and currencies
Add tax rates by country and region, choose your store currency, and price products in more than one currency.
Tidemark adds tax to invoices and quotes from the tax rates you define, and prices each product in the currencies you choose. This article covers both.
Tax rates#
Open Settings and choose the Tax rates link at the end of the tab bar. The page lists your rates and has an Add a tax rate form.
| Field | Meaning |
|---|---|
| Name | What the customer sees on the invoice, for example VAT. |
| Rate (%) | A number from 0 to 100. Decimals such as 7.5 are fine. |
| Country | A country from the list, or Everywhere. |
| Region (optional) | A state or region. It must match the client's State / region exactly (upper or lower case does not matter). |
| Active | Inactive rates are ignored. New rates are active unless you switch them off. |
Changes to an existing row apply when you press Save on that row. The trash button deletes the rate.
Which rate a client gets#
For each client, Tidemark picks one active rate, trying these in order:
- A rate whose country and region both match the client's country and state.
- A rate for the client's country with no region.
- A rate with no country, which applies everywhere else.
If nothing matches, the invoice has no tax. The same applies while you have no rates at all. A client with no country on file can only match a rate that has no country, so make sure the country is filled in on the client record.
If two active rates would match a client equally, only one is used, so avoid overlapping rates.
The client's Tax / VAT ID is stored and shown, but it does not change which rate is applied. If a client should not be charged tax, mark the product Tax exempt (see Products and groups) or use a rate with the percentage you want for that country.
How tax is calculated#
Tax is added on top of the price: the invoice total is the subtotal plus tax. Products marked Tax exempt are left out of the taxable amount. Each invoice stores the tax name and percentage it was issued with, so editing or deleting a rate later does not change invoices that already exist.
Store currency#
Settings → Billing → Store currency is your default currency. It is the default for new clients and the fallback for product prices. The installer sets it from the Default currency you chose. You can choose from these currencies:
USD, EUR, GBP, CAD, AUD, NZD, CHF, SEK, NOK, DKK, PLN, CZK, JPY, CNY, INR, BRL, MXN, ZAR, SGD, HKD, KRW, TRY, AED and ILS.
Amounts are handled in each currency's smallest unit. Zero-decimal currencies such as JPY and KRW are entered without decimals, and currencies with three decimals, such as KWD, are entered with three.
Currency per client#
Each client has a Currency (under Billing on the client form). New clients who register get the store currency. Their invoices, quotes and the store prices they see use their currency.
Changing a client's currency does not convert anything that already exists. Tidemark has no exchange rates.
Prices in several currencies#
On each product, add one price row per billing cycle and currency. A customer sees the price in their own currency. If the product has no price in that currency, the store falls back to the store currency, and if there is none there either, the product shows "can't be ordered online right now". See Products and groups.
The dashboard totals (revenue, outstanding) are shown in the store currency only.
Payment gateways accept only some currencies. Of the store currencies listed above, PayPal is not offered for INR, KRW, TRY, AED or ZAR invoices. It supports the rest, plus HUF, MYR, TWD, PHP and THB. See Payment gateways.