Updating sales tax rates in quickbooks
Now, most businesses are finding that they have to ship to multiple locations, and each location has a different tax rate.
It can be confusing, and it isn’t going to get better soon!
It means it is a matter of dependency on Quick Books support resources that can guide you in the right direction and can make things happen when you have to set up sales tax in QB.
It is mandatory to do so as one needs to collect and forward sales tax on behalf of governmental authorities.
To do so, Quick Books accounting software programs are widely used.
I have notified my bookkeeping clients who file sales tax that I will make the rate change in their Quick Books files, but I realize this is more complicated than it seems. There are two schools of thought on the preferred method of changing sales tax rates in QB – you can either edit the existing sales tax rate to the new rate, or make the current rate Inactive, and create a new sales tax rate.
Now Quick Books will no longer try to calculate the tax.
Setting up Sales Tax in Quick Books can become a tough task for you if you have no idea what to do and how to do the same in an effective manner.
If you find the tax rates are not the same inside Quick Books versus Inventory Control there is a couple of ways to resolve this.
Solution 1: Go to Lists Menu inside Quick Books at the top left, then choose items lists.