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Change the GST rate in MYOB

How to change the GST rate in MYOB. If you don’t want to update your MYOB accounting package for the 1st October GST increase in New Zealand, here is a simple tutorial.

Before changing GST settings
First you have to go to;
>Accounts tab
>Account list
-Click “New”

Enter the following;
-Account number: 2-1360
-Press the Tab key
-Account Name: Old GST Rate Charged
-Starting balance: $0.00
-Click OK

Repeat the process;
-Click “New”

Enter the following;
-Account number: 2-1370
-Press the Tab key
-Account Name: GST Paid Old Rate
-Starting balance: $0.00
-Click OK

Now to change the GST settings
To access the GST code settings, you will need to go to:
>Lists (this is found in the menu bar at the top of the app)
>GST codes

You can now add or edit 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 have changed your GST settings, you should be careful to choose the correct GST code based on the weather you are entering transactions before or after October 1st. If the bill is at 12.5%, you must make sure to select the “T” code. If the bill is 15%, you must make sure to select the “S” code.