How do you suggest dealing with new sales tax rates when they change? If I create a new item, will I have to edit all existing customers' default rate to that item? If I edit the existing sales tax item, do you foresee any conflict with having all the history of sales tax merged into that item?
How do you suggest dealing with new sales tax rates when they change?
If I create a new item, will I have to edit all existing customers' default rate to that item?
If I edit the existing sales tax item, do you foresee any conflict with having all the history of sales tax merged into that item?
When sales tax rates change, you should change the rate on all your sales tax items to reflect the new rate.
If your sales tax rate changes effective 1/1/2001, you must make this change after you record the last sale for 2000, but before you record your first 2001 sale.
There is no need to make new sales tax items. Changing the rate WILL NOT affect the rate charged on previously entered transactions.
When you create a sale transaction, QuickBooks uses whatever rate that currently shows in the item definition, regardless of the date on the sale transaction.
Be careful not to change the rate before you've finished entering sales transactions for 2000, otherwise those transactions entered after changing the rate will use the new rate.