Changing sales tax rates can change the whole calculation of your business finances. With every changing government, you get to receive changing tax rates. If you are doing accounting all by yourself then you would already know all the hardships that one needs to go through. If you are using software like Quickbooks and want to update sales tax rate then you may have a hard time doing that.
Though it is a rare scenario, still if it happens then here is what you would need to go through the following steps:
Once the settings have been saved, the new window will show you all the tax rates and names of the agencies. This will also include your changed rate which will be highlighted in a different color.
If you are working in a scenario wherein you want to create a new entry with old dates then new tax rates will be applied by default.
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Disclaimer: QBpro.ca is a reputable QuickBooks® Consulting firm that provides professional support services related to your accounting software. It is also a front-runner in providing 3rd party technical support services for quickbooks.
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