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How to change the GST rate in MYOB. If you want to update MYOB accounting package 1 October GST increase in New Zealand Here is a simple tutorial.
Before we change the GST settings
First you need to go;
> 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 the GST configuration
to get the GST number of settings you need to go to:
> Lists (this is the menu bar at the top of the application)
> GST Codes
You can now add or change the GST code.
- You want to change the standard rate from 12.5% to 15%
- Since you want to add a 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;
-Exposure: old GST rate
-Rate: 12.5%
-Linked account for GST collected: 2-1360
-Linked account for GST Paid: 2-1370
-Click OK
When you change the GST settings you need to be careful to choose the correct GST code depending on the weather you are entering in cash or after 1 October. That account is 12.5%, which you need to make sure that the “T” code is selected. If the account is 15% you need to make sure that the “S” code is selected.
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