What are the features in MYOB Accounting software that makes it GST ready?
1. Ability to create new tax codes to be assigned for all transactions.
You can easily add on new GST tax code in MYOB software, under Lists > Tax codes
Once set up, you can link the relevent accounts to either the ‘GST Collected’ and ‘GST Paid’ accounts.
2. Every line transaction in MYOB window allows you to assign a tax code. This enables you to treat tax exempt transactions and zero rated transactions easily.
3. GST-ready Invoices
In a GST environment, your invoices will now be known as “ Tax Invoices” and these words must appear at the top of these documents. MYOB can assist you by providing several Tax Invoice formats.
4. Item / Stock List
You can update all your item list tax codes and prices using MS Excel and then with MYOB’s unique Office Link function you can easily import the data back into MYOB. Saves lots of time.
5. Card File
You can easily update the terms you give your customers in the Card File to better manage your cashflow. There can be no worse situation than having to pay your GST every 30 days but your customers could only be paying you in 45 days. You should start reviewing the terms you give your customers.
MYOB has a host of reports that help you keep track of the GST incurred (the input tax) and the GST collected (the output tax). Failure to manage your financials properly could lead to severe cashflow problems.
Read more on How you can prepare for GST