Prices, currencies and taxes

Before you start, open these pages: Sales / Products, Settings / Taxes and Settings / Currencies.

Can’t find one? It may be turned off for your business, or your account may not be allowed to open it. Ask the person who set up your FeePrime. They can fix both.

Getting money right means getting three separate things right. What you charge. Which currency you charge it in. And what tax goes on top.

A price for each currency

A product’s prices box holds one price for each currency your business uses.

It is not one price that gets converted when somebody looks at it. It is the price you really charge in that currency.

That matters. It means you can set a sensible price in each market, instead of showing your customers whatever yesterday’s exchange rate was.

This is why your currency list had to be right before anyone started typing money. Add a currency later and every product you already created has no price in it.

FCFA displays properly

Some currencies are tied to another currency that decides how they are written and how many decimal places they use. FCFA is one of them.

You do not have to do anything about this. It is just worth knowing it exists, so that when an amount looks correctly formatted you know it is not luck.

Point at a tax, never type the number

A tax record holds a tax code, a percentage, and the country and state it applies in.

Your documents point at the tax record. They do not copy the number into themselves.

This is the most important habit in this lesson.

   invoice ---points at---> VAT 19.25%
   invoice ---points at---> VAT 19.25%
   quote   ---points at---> VAT 19.25%
                                 ^
                  change this number and you have
                  changed what all three of them mean

So when a tax rate changes, add a new rate and use that from now on.

Do not edit the old one. Editing it quietly changes the tax on invoices you sent out last year, and nothing on screen tells you it happened.

Check these before you publish a price

• Is there a price in every currency you actually sell in?
• Is the unit clear, if the price is per kilo, per metre, or per box?
• Is the right tax attached, for the right country?
• Does the price include that tax, or not? And is that what your customers expect?

That last one is a decision about your business, not a setting to go and find. Decide it once, write it down, and stick to it.

A price list where some prices include tax and some do not is almost impossible to fix later. You have to check every single product.

Try it

On staging.feeprime.com, price a product in two currencies and attach a tax. Look at how it appears on the public page. Then make a second tax rate instead of editing the first one. That is the habit worth building before it costs you money.