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Is it possible to use a future-dated tax rate on AP invoice?

edited May 15, 2024 10:19AM in Tax & Global 1 comment

Summary: For one of our offices, tax rates are changing with the new year (2024). We are being invoiced by suppliers for subscriptions that begin this year and cross into next year.

For example:

  • Supplier invoice is issued in Jul-23 for a subscription Aug-23 to Jul-24 - invoice total is $1200 ($100/month).
  • Current tax rate is 5%. Beginning in 2024, tax rate changes to 6%.
  • They are applying a 5% rate to the first 5 months of the invoice, 6% rate for the next 7 months.

Content:

I am aware of Recurring invoices functionality, but we have to pay the entire invoice in one installment rather than each month, so I do not think this will work.

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