I'll help you change the GST rate in QuickBooks Online, @AZ2.
Modifying the GST rate requires manual intervention, along with updating your recurring transaction in QuickBooks. Before we proceed, please take note of the reminders below:
- The transactions that were made using the previous rate will stay the same unless you modify the transaction and explicitly choose a different GST rate.
- When using recurring templates that include the modified component, any new transactions created with the template will use the updated rate. Previously created transactions will not be affected.
- The updated rate will apply to new transactions entered after the effective date.
- If you enter a new transaction dated before the Effective date, the transaction will be processed using the previous rate.
- If you initiate a new transaction while using past dates, the transaction will be processed at the current rate.
Here's how to modify the GST tax rate:
- Go to Taxes.
- Choose the Edit GST dropdown, then select Edit rates.
- In the tax rate table, choose the rate you want to change and select Edit.
- Note: You will not be able to edit any QuickBooks Online default tax rates.
- In the Edit tax rate window, change the rate. You can also change the name if you like.
- Set the Effective date, if required, this will be the date from which the rate change will take effect, and choose Save.
- Select On or Off beside the tax rate you want to make active or inactive.
Here is an article for more details: Edit GST rate in QuickBooks Online.
For future reference, you can read this article to guide you in customizing invoices in QuickBooks Online: Customise invoices, estimates, and sales receipts in QuickBooks Online.
Let me know if you have questions about modifying the GST rate in QuickBooks Online. I'm always here to help. Have a great day.