How do I prepare my MYOB for the upcoming GST changes?

On October 1st 2010 GST was increased from 12.5% to 15%, this means that there may be price changes for your business and suppliers. Also with your GST reporting in MYOB there may be a transition period where you will be reporting on and dealing with transactions that are 12.5% and 15%.

So how does this affect my MYOB GST return?

You will need to do adjustments to your GST return because you may have transactions that will be at 12.5% being processed in a GST period where everything is 15%. This means you will need to make adjustments in your GST returns to make sure you are not over reporting or underreporting.

When would this occur?

Most often this will occur if you are on a payments basis and you have invoices and purchases recorded in MYOB at 12.5% and they are still outstanding on September 30th. They get paid at some stage from October 1st so they will have the GST portion calculated at 15% on your GST returns. The IRD allows you to make an adjustment in your GST return for September to take these into account.

You can use the GST 105 form from the IRD to calculate the adjustment for this GST return. This comprises of the outstanding Sales and Purchases in MYOB and then you calculate what the difference is between the GST total for these transactions and what the GST would be if you calculate at 15%.

This value is then placed in box 9 or 13 in your GST return depending on what the value is.

What about transactions created afterwards?

Credit/Debit notes created from October 1st will still be at 12.5% if they relate to transactions before October 1st, this means that when they are used/recorded you will need to make an adjustment in your GST return since it will be calculating those debits/credits and bad debts at 15%. These adjustments would appear in box 9 or 13 of your return depending on the value.

Personal assistance with GST in your MYOB Accounting software package

Far more than help with the GST increase, we can help you with all problems relating to GST and you MYOB software – from troubleshooting to getting the right software.

Whether you already have your MYOB software or are looking for accounting software for a small business, larger business or need home accounting software – we can get it to
you.

Easybusiness can also provide you with accounting software reviews andbookkeeping software.