Some user who uses QuickBooks Asia version 2007/08 had this error ‘Tax account does not exist’. This error was caused by corruption in tax setting (G.S.T.). When you perform a Verify and Rebuild data, QuickBooks does not pick up this error; user has to manually edit the setting to correct this error.
Before you edit your QuickBooks setting, it is best to back up your QuickBooks data.
Then, from the Edit menu | select Preferences function. In the Preferences Window, go to Tax Preferences; then, follow by Company Preferences tab. Next, check the ‘NO’ radio button selection for ‘Do you track tax?’. Save your setting and exit Preference setting.
Next, you go back to your Tax Preferences Window and select ‘YES’ radio button selection for ‘Do you track tax?’. This will re-active your QuickBooks tax account.
The above will resolve the error on ‘Tax account does not exist’; try it, if you have a similar problem.