How to change the GST rate in MYOB. If you do not want to upgrade your MYOB accounting package for 1st October GST rise in New Zealand here is a simple tutorial.
Before we change the GST settings
First you need to go to;
> Accounts Tab
> Accounts List
-Click "New"
Enter the following;
-Account Number: 2-1360
-Press Tab key
-Account Name: GST Collected Old Rate
-Opening Balance: $ 0.00
-Click OK
Repeat the process;
-Click "New"
Enter the following;
-Account Number: 2-1370
-Press Tab key
-Account Name: GST Paid Old Rate
-Opening Balance: $ 0.00
-Click OK
Now to change GST settings
To access the GST code settings you will need to go to:
> Lists (this is located in the menu bar at the top of the application)
> GST Codes
You can now add or edit the GST codes.
- You want to change the standard rate to from 12.5% to 15%
- Then you want to add the new GST code. Click on the "New" button next to the "Print" Button
- Where it says "GST Code" enter T and press the Tab key
Enter the following;
-Description: GST old rate
-Rate: 12.5%
-Linked Account for GST Collected: 2-1360
-Linked Account for GST Paid: 2-1370
-Click OK
Once you have changed the GST settings you need to be careful to choose the correct GST code depending on weather you are entering transactions before or after the 1st of October. It the invoice is at 12.5% you need to make sure the "T" code is selected. If the invoice is 15% you need to make sure the "S" code is selected.