Chart of Accounts - Ability to set a default tax rate for new accounts
Be able to set an automatic default tax rate when new sales or expense accounts are created. In our country, the sales tax rate changed, and by default when I create a new account, it gives the old tax rate. Unless I change the Default tax rate for this specific new account to the current tax rate, I will be given the old tax rate by default. This has given us accounting problems that are sometimes hard to trace when one doesn't change the tax rate manually each time a new account is created.
Joe White
shared this idea
-
Dipak Maniar
commented
It would be great if the "Tax" field on the chart of accounts was not a mandatory field and there was the ability to leave this blank.
-
Joanne Crumpton
commented
Purpose: reduce errors in tax code setups on GL accounts.
On setting up a new account in Chart of Accounts in a GST registered entity - if the new name and the tax code (for example GST Free or BAS Excluded) is chosen before the account type, Xero will change the tax code to GST once the account type has been selected. It should instead remember the tax code which has been selected.