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GST Status

ShelleyP
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ShelleyP

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GST Status

Hi there.  I wasn't registered for GST in the last financial year.  I didn't have a lot of transactions so I didn't have MYOB.  But my business has boomed and I have now registered for GST an acquired MYOB.  I now need to enter my last year's transactions as a business not registered for GST.  How do I go about doing that?

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MYOB Staff Post AliK607
378 Posts
MYOB Staff Post
AliK607
MYOB Staff Post

378Posts

164Kudos

106Solutions

Re: GST Status

Hello @ShelleyP ,

The main thing you want to aim for is entering last years transactions with a tax code N-T. This way it doesn't withold any GST on your transactions. There are a couple of ways you can do this.

 

Option 1- The quickest way is to click on your Company name at the top right and select 'GST settings' from the drop down menu. On the GST settings page, you can click 'No' to "Are you registered for GST?". Then enter in all of the transactions from the previous financial year. (Doing this will then not allow you to use the GST tax code within your transactions but instead it will default to N-T) You can change the setting back to 'Yes' once you need to start entering transactions for this year. (it will then allow you to use the GST tax code on your transactions)

 

Option 2- Another way, you can do this is by simply selecting N-T as the tax code when you are entering individual transactions.

 

Option 3- You can also assign default tax codes to the General Ledger accounts you use within transactions. This can be achieved by click on your Company name at the top right > Accounts List > Edit Accounts > *changing the tax rate dropdown to N-T* for the relevant P&L accounts. (you will need to change it back once you do this year's transactions)

 

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You might also want to explore the ability to import your bank statements/transactions from your bank directly into MYOB for a quicker way to record transactions for that last financial year. This will save you considerable amount of time:

http://help.myob.com/wiki/x/DoIR

(once you have imported the transactions, you can also setup rules to automatically allocate/address some of your transactions that reoccur often: http://help.myob.com/wiki/x/4IKO )


Regards
Ali
MYOB Client Support
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