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a month ago
After two years of working for myself, I am registering for GST from July 1.
I am still using Accountright Basics 2016 (which I am very happy with for the work I am doing) and wanted some tips for going from GST-free to GST.
On July 1, do I have to go through all my card list and change the preferences to GST, or will that change all my previous sales? Or do I close the financial year, and then maybe restart the software again from scratch with GST? Or do I go and purchase another product that is on sale down at the local shop to use from July 1?
Many thanks in advance, as I am sure I cannot be the first person to do this!
a month ago
I am assuming that as you are not registered for GST each account in your list of accounts has the tax code N-T.
In this case you will need to go through your list of accounts and change them as appropriate. Remember, not all your accounts will change to GST. Some may be changed to; CAP or FRE etc.
Discussing with your BAS or Tax agent firstly would be a good idea if you are unsure about which accounts have which codes.
Now the question about when to do this. I would suggest that you post all your transactions to the 30th June, then take a copy of your data file, make the changes to the accounts and then continue processing.
Updating the accounts will not change any of your existing transactions, so if you still need to post entries prior to the 1th July, simply ensure that you over write the default tax code to N-T.
Hope that helps.