Update Sales tax currency and Period on Posted sales tax

Sales tax codes were previously setup in USD currency and as a result, posted sales tax transactions were recorded in USD.

Later on we found out that these sales tax transaction should be recorded at GBP.

Additionally, other tax codes were setup with a wrong settlement period, lets say it is in US hence.

Now we are trying to figure out if there is a way to change the Sales tax currency and settlement period on the posted sales tax.

Both issues are affecting the amounts to be reported in the English report.

In Manager, once transactions have been posted, it’s generally not possible to directly change the currency or settlement period of sales tax transactions retroactively. However, there are some steps you can take to address these issues:

  1. Correct Reporting: If the sales tax transactions were recorded in USD but should have been in GBP for English reporting, you may need to adjust your reporting method. Consider converting the USD transactions to GBP using the appropriate exchange rate at the time of the transactions. Then, update your English reports accordingly.
  2. Adjust Transactions: You can manually adjust the posted sales tax transactions to reflect the correct currency and settlement period. This involves creating reversing entries for the original transactions and recording new transactions with the correct currency and settlement period. Be sure to carefully review and reconcile your records to ensure accuracy.
  3. Consult Support: If you’re unsure about how to proceed or need further assistance, consider reaching out to Manager’s support team or consulting with a financial professional familiar with the software. They may be able to provide guidance on the best approach for your specific situation and help ensure compliance with reporting requirements.

You can see further information here.