QB 2002 Changing VAT rate

Hi Jon. I just bumbled in and changed the standard rate. It did aaffect all previous transactions, but not to the point of becoming a pain. What it actually did was changed the "sold for" price for each item on the sales receipts but kept the correct VAT and total price

so a previous transaction for an item retailing at: £23.99 of which £3.57 is VAT total £23.99 After changing Standard rate has changed to £23.48 of which £3.57 is VAT total £23.99

Whereas now when the same item is added we get £23.99 of which £3.13 is VAT total £23.99

so yes, it does screw about with previous figures but because transactions have been recorded and deposited it's just twiddling the only figure that isn't locked to put the transaction back in balance.

Much easier for me than going through each item asigning a new VAT code or having to change every transaction to a defferent code.

Interesting, thanks. I note intuit now offer advice. Both solutions make no mention of what you have discovered or its impact. Tempted to go with altering the standard rate and altering the rate of individual items. Hopefully that will be easier in terms of the VAT100 rather than setting up a new temporary rate.

Jon

Jon was inspired to say

I'm using a pretty ancient copy of QB, so this may not apply to you. But if, for any reason the standard rate is changed, and I (or my staff) revisit a transaction at the old rate, it can be changed to the (new) standard rate.

This would certainly throw out this quarter's VAT 100 return.

We've created a 15% rate for the next 13 months. Then we can revert to

Mike