Hi shau
This particular Community Forum is aimed at supporting the MYOB products. For example, what process should be used to allocate a bank transaction, I am encountering an error with my software... While this Community Forum is visited by external accountants, bookkeepers and Partners that do provide advice from time to time on client financial enquires, we do recommend that users do seek their own financial advice from someone that has a more widespread concept of your accounts, financial situation, environment and structure, such as Accountant or another advisor. Financial advice ranging from what tax code/account a user should on a transaction to what is the best way to account for this type of transaction.
The MYOB Moderator team do provide general advice relating to the software. For example, with regards to your enquiry, AccountRight has a series of default zero-rated tax codes:
- FRE – for sales/purchases where the current rate of GST is NIL eg. basic food items, health services, etc.
- N-T or NTR – Used to record sales that carry no GST, such as depreciation and cash transfers.
Help Article: Summary of tax codes does provide a summary of the default tax codes in AccountRight.
As has been indicated, if a user is unsure what tax code to be used on a transaction it is recommended that the user does contact their financial advisor/accountant to provide that information. If you don't have access to an accountant there may be free services available to yourself that you could access, I would check out to see if there are any business advisor services in your area.
Once you have obtained what tax code, amounts and accounts required for that transaction, if you are still needing assistance with actually entering that transaction into your AccountRight software do let us know we would be happy to offer our assistance on that topic.
