Change GST rate on MYOB
How to change the GST rate on MYOB. If you don’t want to update your MYOB accounting package for the October 1 New Zealand GST increase, here is a simple tutorial.
Before changing GST settings
First you have to go to;
>Accounts tab
>Accounts list
-Click “New”
Enter the following;
-Account number: 2-1360
-Press the Tab key
-Account name: Old rate charged from GST
-Initial balance: $0.00
-Click OK
Repeat the process;
-Click “New”
Enter the following;
-Account number: 2-1370
-Press the Tab key
-Account Name: GST Old Rate Paid
-Initial 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 in the menu bar at the top of the app)
>GST Codes
Now you can add or edit the GST codes.
- You want to change the standard rate from 12.5% to 15%
- So you want to add the new GST code. Click the “New” button next to the “Print” button
- Where it says “GST Code”, enter T and press the Tab key
Enter the following;
-Description: old GST rate
-Rate: 12.5%
-Account linked for GST charged: 2-1360
-Account linked for GST paid: 2-1370
-Click OK
Once you’ve changed your GST settings, you should be careful to choose the correct GST code based on the weather you enter transactions before or after October 1. If the invoice is at 12.5%, you must be sure to select the code “T”. If the invoice is 15%, you must be sure to select the “S” code.
