Changing Tax Settings

flat6buster

I am in the UK and we have changed our Tax rate from 17.5% to 20%. I have changed the tax rate to reflect this on EI so all cool, but when I go back to look at previous invoices I have raised they are all reset to 20% and no longer reflect the correct tax rate when the invoice was raised. is there a way round this?

[deleted]

You are correct. When opening an outstanding invoice from 'Open Invoice List', it does reflect the new tax rate but, if you go into 'Apply Payment' the amount reflects the original amount at the original tax rate. When viewing original invoices, if you do NOT press the 'Record' button, then the tax rate remains at the original amount. Also your taxable amount for taxable sales, in your "Accounting Report', will only reflect any new transactions since the new tax rate change.