Assign correct GST codes to your Accounts List

MYOB AccountRight has standard GST codes as per the list below. Other GST codes may be setup and used to account for Rest Homes, Australian GST and other needs.

S15 – GST 15%

N-T – No Tax 0%

E – Exempt Supply 0%

Z – Zero Rated 0%

When MYOB AccountRight is initially set up with an accounts template, the GST codes are generic depending on the account category. The default GST codes are as follows:

Account type: GST code

Assets: N-T

Liabilities: N-T

Equity: N-T

Income: S15

Cost of Sales: S15

Expenses: S15

Other Income: S15

Other Expenses: S15

Individual accounts within each of these categories need to be changed to help eliminate GST errors. Assign the correct GST code (S15, E, N-T, Z etc) against each General Ledger account by following this procedure:

Choose [Accounts], Accounts List, Expenses tab
Edit Wages & Salaries and enter N-T as the GST code. Click OK

From now on Wages & Salaries will default to N-T (No Tax) and will not have to be changed manually each time a transaction is entered.

Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!

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