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2018-04-05 20:29:09QuickBooks BlogsEnglishYour growing business is subject to different tax rates at different times. QuickBooks’ brand-new feature allows you to customise tax... your tax rates for your transactions

Customise your tax rates for your transactions

1 min read

You asked, and we delivered. This new QuickBooks feature will simplify your tax calculations.
Startups and small businesses may have a lot in common when it comes to filing GST, but what makes each business unique also has a direct effect on your tax return. Many businesses are leaving behind Excel sheets and the traditional form of tax filing, trusting QuickBooks’ user-friendly software. We were able to gauge how to take your GST process to the next level by introducing some simple customisable tools.

Tax Rates Suited to Your Business

As your business grows, so does your tax process. QuickBooks has solutions that fit businesses at various phases of growth.
Features added in February include customising tax rates for transactions. In previous versions of QuickBooks, customers were presented with an entire list of tax rates and had to pick the rates that applied to them. This was certainly a time-consuming task, since this was the process for each transaction.
Well, we just made sifting through the entire list a bit easier.

Choose Tax Rates Relevant to You

QuickBooks now displays a list of tax rates in transactions. You can choose only those rates that apply to your business – and deactivate all of the irrelevant tax rates.
Once you’ve deactivated certain tax rates, those options won’t show in the transaction fields for both sales and purchase. This feature removes the hassle and confusion of unnecessary tax rates, simplifying the process.

A Step-by-Step Guide on How to Use the New Feature

  • Sign into your QuickBooks account and navigate to the Taxes section.
  • Select Edit GST and choose Edit Rates. You will get a compiled list of options.
  • With the toggle, select all the tax rates that are applicable to you. After you’ve done this, only the active tax rates will visible.
  • To reactivate a tax rate, click on the Gear icon on this page and select Include Inactive. This setting will be applied to both sales as well as purchases.
    If you have any questions related to this feature, please log on to the QuickBooks Community; ask your question, and a QuickBooks expert will answer it soon.
    Don’t have a QuickBooks account? Sign up for one today. It’s free!
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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