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Will changing my Tax Setting update already reconciled transactions?

Started by Clare Lennon -   in Small Business

If i've changed the Tax Setting on an account from 'GST Free expenses' to 'GST On expenses', will it go back and update my already reconciled entries?

For example by 'Bank Fee's' account was set as 'GST Free Expenses' but should be 'GST on Expenses'. I've now updated this and wondered if it will recalculate my GST Paid value?

Thanks,

Clare
Hello Clare,

I believe it won't be recalculated since the transactions has been already reconciled. Best to verify this by reaching out with the support team of Xero.
 

Ton Malonzo  

Hey Clare - this won't update your transactions that have already been created. However, if you use Find and Recode, you'll be able to update these in bulk! Just make sure you have Advisor access to be able to do this.
 

Brittany H (Community Manager)