Items
I have de-registered for GST (in Australia), and I now need to change my item codes in QuickBooks to reflect GST-Free sales and services. If I change my item codes, will this change all of my historical data?.....or will it just change the invoices that I create from now on?
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Just go to preferences - tax and untick the tax tracking box, then you won’t have to use any codes.
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Thank you. Will that affect my historical records at all?
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No, can’t change anything in the past, at least not to my knowledge
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@1421230 Just to add to Kris’s reply to clarify … You’re sales aren’t GST-Free. “GST-Free” applies to goods & services that the govt has deemed do not include any GST component (even when sold by a GST-registered entity) such as certain medical & educational services & fresh produce. You would still need to use the FRE tax code on these.
As you’re just no longer GST-registered, you no longer need to use any tax codes at all as these are for BAS mapping.
NOTE: You need to change the wording of your Tax Invoice(s) to show as just “Invoice” & need to include a default notation line on them that states “No GST has been charged”.
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