How to change the GST rates in Quickbooks and Simply Accounting
Quickbooks
From the Lists menu, select Tax Codes List.
Double-click each of these three Tax Codes to open the Edit Tax Code window.
- G: In the GST Rate field, enter 5%.
- S: In the GST Rate field, enter 5%.
- H: In the GST Rate field, enter 13%.
Click OK.
Once you've changed these amounts, any new invoices will be calculated using the new rate. Historical invoices will not be affected; they will still use the 6% rate.
Simply Accounting
- From the home screen of Simply Accounting by Sage, go to Setup, System Settings, Sales Taxes...
- Select the Tax Codes tab.
- Go to the description column for the GST code and change to 5%.
- Press enter and this will display the tax code details screen.
- Change the rate to 5 and click OK.
- Click OK again on the Sales Tax information screen.
If you have any questions/concerns about this please contact us.