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Up until Mid-October we weren't charging/collecting GST because we have never sold more than $30K in revenue but we have recently passed it and we now need to apply GST to all of our past sales and expenses.
Is there an easy way to do this that doesn't involve clicking on each individual transaction and adding GST to it?
Congratulations on your business growth! That is very exciting. I would love to help you automate your tax codes for easier data entry.
We can first start in our Chart Of Accounts, from here we can go into the account that is linked to our product/service, and select EDIT from the little drop down arrow to the right of the blue account history link.
When we select EDIT you will receive the pop up to make changes to this account and we can assign our GST to our account then select Save and Close.
The second place we can automate our sales tax is right in the product and service, which can be found by selecting the following:
1. Select Sales Tab 2. Select Products and Services 3 Select EDIT to the right of the product and service you want to automate 4. Select Save and Close
Now we can take it for a test run! When we create our invoices, or sales receipt, when we now select our item within our line item it should auto generate your tax code for you.
Let me know if that works out for you! Have a great rest of the weekend.
Hi maria-churrosany. Taxes are an essential part of your business and I'd be happy to help make sure you're recording them properly. I'd like to add to the valuable information which Lourdes shared above. At this time, you'd have to manually add the tax rate on each of the past transactions on your account. To do this, please follow the helpful steps provided above. Otherwise, if you need more info on setting sales tax in QuickBooks, check out the resources below: