I appreciate you for getting back to us, T Yosh. I can help share some insights about GST rates in QuickBooks.
Updating the GST tax rate needs to be done manually. That said, you'll need to create a new tax rate in QuickBooks. Beforehand, please take notice of the following reminders before proceeding:
- Unless you update the transaction and specifically choose a different GST rate, existing transactions that utilized the former rate remain unchanged.
- New transactions made using recurring templates that use the modified component are subject to the new rate. The earlier rate and transactions already completed using the template are unaffected.
- The revised rate will be available for new transactions entered after the Effective Date.
- The old rate applies to any new transactions you initiate that are dated before the designated Effective Date.
- The new rate is applied to new transactions created with dates in the past.
Here's how to create a new GST rate in QuickBooks:
- Go to Taxes.
- Select Add tax.
- Choose What type of tax you want to add.
- Enter all the information needed.
- Press Save once done.
To learn how to pay the sales tax that you owe and update your rates to make sure you collect the right amount, I recommend reading these articles:
If you have any further questions about your taxes, please leave a comment below. I'd be happy to assist you once more. Stay safe.
