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‘Menus’ – ‘Setup’ – ‘GST / VAT Setup’

You can adjust your GST/VAT codes and percentages per currency under the Setup > GST/VAT Setup menu

You will be presented with the below screen with the ability to set the default GST/VAT for wages if applicable.

GST/ VAT Codes & Rates

There will be one tab on this screen for each currency in use that will look as follows.

From here you can change:

  • GST/VAT Paid – When a transaction with a T0-T9 code is posted, the GST/VAT paid element will be posted to this code.
  • GST/VAT Collected – When a transaction with a T0-S1 code is posted, the GST/VAT collected element will be posted to this code.

    When running the GST/VAT Reconciliation, make sure these are set to the ledger codes you are reconciling

  • GST/VAT Clearing – When the GST/VAT Reconciliation is run, the system will automatically clear out the Paid/Collected codes and place the balance in the clearing code.
  • GST/VAT Codes – You can customize up to 20 rates; 10 for purchases (T0 – T9) and 10 for Sales (S0 – S9) and select whether these rates are available during data entry. Outside the Scope (OS) is always set to 0%.

For help setting up GST/VAT codes, check our guidance on Chart of Accounts.

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