Hi,
Many thanks for your prompt help.
Q1.
You did not answer to my question - I took it that there's no documentation available. I'll ask our accounting firm in Singapore if these 20 x codes make sense, and will get back to you as required.
Q2.
I totally agree that you mentioned:
"If you need need to update a tax rate, we advise you to create a new tax rate instead of changing an existing one. Since the old rate may have been used on prior transactions and changing the rate could affect your sales tax tracking."
This way is how most accounting system follow. I'm surprised that the QB automatically change the tax rate. Please therefore allow me to double check on this - for example, will QB Online change the rate of "SR" from 8% to 9% automatically on 1st Jan 2024?
If yes, I wish to make three more questions:
2-a) Doesn't it make bad effects for the prior transactions as you mentioned?
2-b) What exact time / date the change would be made in background? would it be 00:00 1st Jan 2024?
2-c) Would it be OK If we create custom Tax Code and do not use any of the default 20 x TaxCode? Is there any concerns if we do not use default codes at all?
Many thanks in advance.
