If you live in Connecticut, the sales tax rates are rising tomorrow. If you aren’t sure how to change this in QuickBooks, here’s how:
1. With your QuickBooks company file open, go to “Lists” at the top of the screen (next to “File” and “Edit”).
2. From the menu, select “Item List”. This will open a list of all of your billing items.
3. On this list, there will be an item called “Sales Tax” or something similar, with a rate of 6%. Double click on that item. In the bottom left hand corner, you will see the rate. Change the rate to the appropriate new tax rate.
If you have items or services that you sell that were previously nontaxable and now are taxable, keep that item list open. Double click on each item that you need to change. Change the tax code from nontaxable to taxable.
Use QuickBooks to calculate your payroll? Make sure to run any payroll tax updates that the system prompts you to install. The Connecticut payroll tax tables are also changes due to the increase in income tax rates.
If you have any other QuickBooks questions, please feel free to leave you comments here. If you have a specific question you do not wish to leave here, please feel free to email me at kristin at klingtocash dot com.