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.