Tax Codes in Charts of accounts

[gujjuscleaning]

Hello everyone,

I been using MYOB for a Year or so Now.

When I have started my business in last FY, I was not registered with GST. So, I left everything as N-T in Tax Codes and charts of accounts.

In this FY, I was not expecting income to go over $75K thresold till end of december 2022. So, I left it as it is.

But Now, From 01-01-2023, I have registered for GST as I am expecting it to go over $75K. So, i have changed my settings to YES for GST.

Now, the problem is, As shown in the picture attached, in the Charts of accounts, How I should decide that, in which accounts I have to keep tax codes as N-T and in which accounts I have to change to GST..? or should I have to change all accounts tax codes to GST in the charts of accounts..??

Please provide as much details as possible. I like to learn to earn more effectively.

[Genreve_S]

Hi @gujjuscleaning 

Thanks for posting. 

Regarding financial advice, we highly recommend you seek assistance from your Financial Advisor.

Cheers 

Genreve

[gavin12345]

Hi @gujjuscleaning 

As suggested by @Genreve_S this is likely something you should discuss with your accountant as with some accounts it depends on how your business uses them. Generally speaking income and expense accounts are commonly set to GST except things like depreciation and wages and super etc. In terms of asset accounts generally only Plant and Equipment accounts.

I suggest you download the sample clearwater file from here and see how that is set up. Each business is different however this might give you some ideas and identify questions you might need to ask your accountant.

Regards

Gavin

[gujjuscleaning]

Thank you, Gavin. Helpful somehow.