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Easy methods to change the GST price in MYOB. In case you do not wish to improve your MYOB accounting package deal for 1st October GST rise in New Zealand right here is a straightforward tutorial.
Earlier than we modify the GST settings
First it is advisable to go to;
>Accounts Tab
>Accounts Listing
-Click on “New”
Enter the next;
-Account Quantity: 2-1360
-Press Tab key
-Account Title: GST Collected Outdated Fee
-Opening Steadiness: $0.00
-Click on OK
Repeat the method;
-Click on “New”
Enter the next;
-Account Quantity: 2-1370
-Press Tab key
-Account Title: GST Paid Outdated Fee
-Opening Steadiness: $0.00
-Click on OK
Now to vary GST settings
To entry the GST code settings you’ll need to go to:
>Lists (that is positioned within the menu bar on the prime of the appliance)
>GST Codes
Now you can add or edit the GST codes.
- You wish to change the usual price to from 12.5% to fifteen%
- Then you definitely wish to add the a brand new GST code. Click on on the “New” button subsequent to the “Print” Button
- The place it says “GST Code” enter T and press the Tab key
Enter the next;
-Description: GST previous price
-Fee: 12.5%
-Linked Account for GST Collected: 2-1360
-Linked Account for GST Paid: 2-1370
-Click on OK
After getting modified the GST settings it is advisable to watch out to decide on the proper GST code relying on climate you might be coming into transactions earlier than or after the first of October. It the bill is at 12.5% it is advisable to make certain the “T” code is chosen. If the bill is 15% it is advisable to make certain the “S” code is chosen.
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Source by Harvey Wilson