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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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  • Kris_Williams
    Kris_Williams Member Posts: 3,483 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    Just go to preferences - tax and untick the tax tracking box, then you won’t have to use any codes.

  • 1421230
    1421230 Member Posts: 2
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    Thank you. Will that affect my historical records at all?

  • Kris_Williams
    Kris_Williams Member Posts: 3,483 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    No, can’t change anything in the past, at least not to my knowledge

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,587 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited October 2022
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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”.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)