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Thank you for posting here and confirming this with us, @Chipndale.
You’re correct about creating new tax rates in your QuickBooks Online (QBO). You must manually update your recurring transaction in QuickBooks and the GST rate. With this, you’ll need to add a new tax rate to QuickBooks. Beforehand, please take notice of the following reminders before proceeding:
- Unless you update the transaction and specifically choose a different GST rate, existing transactions that utilized the former rate remain unchanged.
- New transactions made using recurring templates that use the modified component are subject to the new rate. The earlier rate and transactions already completed using the template are unaffected.
- The revised rate will be available for new transactions entered after the Effective Date.
- The old rate applies to any new transactions you initiate that are dated before the designated Effective Date.
- The new rate is applied to new transactions created with dates in the past.
To proceed with creating a new rate, you can follow the steps below:
- From the left navigation pane, select the Taxes menu.
- Click the Add tax button and choose Tax rate.
- Fill in the necessary information and press Save.
Afterwards, you can manually change the recurring transaction. To learn more about recurring transactions, please visit this article: Edit a recurring template. Also, please remember that when you run reports, data for both rates will still show if transactions are created for a particular period.
Let me know if you have more questions regarding GST in QBO. I’m just a post away to get your answered. Have a good one!
