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tekautopl
January 7, 2023
Question

How to issue credit note to adjust theGST at the rate that was originally charged (7%) andaccounted for.

  • January 7, 2023
  • 1 reply
  • 0 views
from the invoice screen under the Tax rate dropdown list cannot find the old rate (7%)

    1 reply

    katherinejoyceO
    katherinejoyceO
    January 7, 2023

    The amount of GST you collect may change at times, @tekautopl. You will, however, have to change it manually. 

     

    I'll walk you through the steps to update it:

     

    1. Go to Taxes menu, then select Edit rates in the Edit GST dropdown menu.
    2. In the tax rate table, choose the rate you want to change and select Edit.
    3. In the Edit tax rate window, change the rate to 7%. 
    4. Set the Effective date.
    5. Select Save, then click Yes.

     

    You'll want to check out this article for the step-by-step guide in applying and managing credit notes in QBO.

     

    I'll be around to help you again with your tax rates concerns. Take care!

     

    W
    Wan2
    January 13, 2023

    It doesn't work. I tried adding it manually but after I imported my bank transactions to categorise the tax rates, it still doesn't show. You can only see 7%SR (0% Sales) and it stops you from categorising it. Hope there's a workaround, because after 8% its going to be 9% next year. 

    Adrian_A
    Adrian_A
    January 14, 2023

    I appreciate you for getting back to us, Wan2.

     

    We can set up an expense account to increase the GDT adjustment. I'm here to walk you through the steps.

     

    If you already have an expense account, you can follow these steps to add the adjustment:

     

    1. Go to Taxes.
    2. Find the tax period you need to adjust, then select Prepare return.
    3. Select Adjust against the entry to be adjusted.
    4. Select the Adjustment date and the Tax rate.
    5. Select the Adjustment account for adjusting GST.
    6. Enter the Adjustment amount.
    7. Enter notes in Memo, then select Save.

     

    When ready, you can pin this reference as your guide in e-filing the GST payment: File your GST return.

     

    I'll be ready whenever you have concerns filing the returns.

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