Have you received notice that your tax rate is changing, and you’re utilizing QuickBooks custom tax rates? Here’s how to bring them up to date:
Some Common QuickBooks Issues Related to Sale Tax Rates
- Edit Sale Tax Rates in QuickBooks Desktop
- Adjust Sale Tax in QuickBooks 2017
- Adding a New Sales Tax Rate in QuickBooks Enterprise
QuickBooks software has become an essential part of many businesses ranging from small sized businesses to medium sized. On one hand the software has made the tackling of financial side of the business hassle free by automating all the process and lessening the scope of errors, on the other it has become a little complex for users to operate with so many new features. The option of learning QuickBooks is no longer a choice as the user generally depends hugely on the software for all sorts of different tasks and activities related to business’ cash and account.
Tip#1: Get your QuickBooks Tax Forms Here
Irrespective of the method user employs to learn QuickBooks, through tutorials, book or trial & error method, there are certain issues which the user is bound to face. One such problem comes with Sales Tax rate which might needs to be changed. These rates are set and are bound to be changed as per the state. Not only stateside rates are followed, many countries and cities also end up creating their own personal rates because of which user does end up needing to change the sales tax rate.
One of the most opted methods to make this change in the software is by setting the current and future sales items with the changed sales tax rates. The challenge here will be for those who have sales items spread over different cities and countries as the items will have different rates. However the benefit is that users don’t need to work on editing already completed sales tax items and then further working on the percentage rate against these items.
Tip#2: Managing Payroll Taxes in QuickBooks Easily
The sales tax items can be easily found right at the bottom of the item list for which user first has to locate ‘Lists’ tab in the menu bar and then click on the option called ‘Item Lists’. The next step to set the Sales Tax Items as per new rates is quite a simple process. All the user has to do is in the current screen labeled Item List is right click mouse anywhere on the screen which will offer a pop-up box from where click on option ‘New’. For more elaborate instructions, view steps written below. However, remember that only the item rates can be changed. To completely change the combined rate its components rates need to be changed. The steps are:
- Select the tab called ‘Sales Tax’ from the menu bar located on the left side of the screen.
- Next choose the option stating ‘Add / Edit Tax Rates and Agencies’ under the menu of ‘Related Tasks’ located on the right side of the screen.
- A table called ‘Sales Tax Rates and Agencies’ will be showcased under which different rates are shown. Appropriate rate needs to be selected followed by Edit tab.
- Under the new screen of ‘Edit Sales Tax Component’ change the rates appropriately. Furthermore, name of the components can also be edited if so desired.
- Now click on save. The end result will be showcased in the ‘Sales Tax Rates and Agencies’ table where the changed rates will be highlighted.
Read More: How to Set Up Sales Tax in QuickBooks Online?
The above listed steps ensure that the user can easily edit the old Sales tax rates to new one without any loss of time or hindrance. Incase user still has issues; it is advisable to approach the ever professional knowledgeable QuickBooks expert team set up by Intuit. Moreover, if there is any issue in connecting with the team of QuickBooks for the same user can connect with us at our toll free number + and live chat option on our website – fastfix247.com.
Note: You can change the name of the Sales Tax Agency on the Taxes page. The agency name that appears on your sales forms, on the other hand, will remain the old name or the original name that you entered. You’ll need to create a new tax agency if you want a different name on your sales documents.