We are pleased to announce a new enhancement that brings greater flexibility and precision to your product pricing strategy. You can now specify whether your product prices are tax inclusive or tax exclusive, enabling you to adhere to the correct tax conventions based on your business needs.
Businesses have the option to set their pricing strategy either globally or at an individual product level, ensuring alignment with specific requirements:
Global Settings: Configure all products to default to either tax inclusive or tax exclusive. This can be adjusted under Payments > Settings > Taxes, where you'll encounter two setting preferences—Tax Inclusive or Tax Exclusive—determined by answering “Yes” or “No” to the question “Include tax in prices”.
Product-Level Customization: Tailor tax settings for individual products during creation or editing. Choose to adhere to global settings, or opt specifically for tax inclusive or exclusive pricing.
Default to Tax Exclusive: In the absence of a global selection, the system defaults to tax exclusive pricing.
Historical Products: Products previously created will default to align with the global settings. Modifications can be made to change these to tax inclusive or exclusive, breaking the link to global settings and retaining the user’s specified tax setting regardless of global changes.
New Products: Default settings for newly created products follow the global settings but can be adjusted to tax inclusive or exclusive as required.
By leveraging these new settings, you gain the flexibility to better manage your pricing strategies, potentially offering customers clear and consistent pricing while maintaining compliance with tax regulations.
We believe these enhancements will provide you with the tools you need to manage your finances more effectively and streamline your pricing processes.
In case you missed it, check out our recent update on Enhanced CSV Exports for Transactions, Subscriptions, and Orders.
