Hi there,
Changing your tax settings to suit your needs is just one of the many ways QuickBooks Online can evolve alongside your business. I know how important it is to choose the tax setting you're most comfortable with, so you can enter transactions quickly and easily. I'll explain further.
You've got the right idea. When you change a setting in QuickBooks Online such as the tax settings, this will impact transactions on or after the setting was changed. This won't impact your previously created transactions. Anything you change in QuickBooks Online that has an impact on previously created transactions (such as deleted transactions that were already reconciled, for instance), will give you a pop-up warning.
I hope this helps clear things up for you. If you have any other questions, please contact our tech support team.
Cheers.