Hello, Mark. Thank you for providing a detailed description of your concern.
The default VAT rate that typically appears for new items relies on the rates being active in your settings.
Since the VAT box is blank when you create a new part/material, your Standard 20% VAT rate may have become inactive in your QuickBooks settings. To help sort this out, let's check the status of your VAT rates in the program.
Here's how:
- Navigate to Taxes.
- Select VAT, then click Edit VAT.
- Choose Edit rates.
- Review your list of tax rates, particularly the 20% Standard Rate.
- If the rate is inactive, activate it by toggling the button.
Once done, create a new part or material and check if the 20% VAT option is now available in the drop-down menu.
Moreover, the Audit Log can help you review recent account activity, including whether another user may have deactivated the rate or changed a system setting.
Let me know in the comments if you need further assistance managing your QBO account.
