Categories Tax Code
Hi, when I create a new category for accounts, i read online that i can enter the correct tax code when creating or editing. But there is no option and it just auto assigns some tax code. for ex...
Forum Discussion
Would I potentially get around this issue by temporarily checking that the business is registered for GST, then creating all the categories with my preferred tax setting and then unchecking the gst registration again? or would this cause any problems?
I don't use this particular version, but in other versions, I change the TAX RATE for the Tax Code to 0% for GST, so that once a business does become GST registered, it can be changed back to 10% for processing after the registered GST date.
Cheers
Liz
Hi @mrco19,
Thanks for the quick response. Additionally, as Genreve_S mentioned, the app allows you to select tax codes only if you've enabled GST reporting. If not, it will default to N-T for all transactions and accounts. While you might be tempted to change your GST settings, it's not usually a good idea. This might affect your financial reports and other accounting aspects. It's best to keep your settings in line with your real business status. If you're unsure, it's a good idea to ask your accounting advisor regarding this.
Feel free to post again anytime you require further assistance.
If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.Kind regards,
Shella
