GST Change In ABM

7th October 2010ABM NZ Support Team

On October 1st 2010, the New Zealand government changed the official tax rate on GST from 12.5% to 15%. The question now is how easy will it be to change this rate for your ABM system. It's as easy as 1,2,3. Simply follow the instructions below:

1. Invoice as many sales and purchases as possible in September.
2. Change the existing 12.5% GST rate in ABM to 15%. (This should be done even if a 15% GST rate was created in advance for use in September).
   

   To change the rate do the following:
   Go to "Accounts" > "GST". Double click on the 12.5% GST rate to open the details and change the Category Title to “15% GST” and GST Rate to 15%.

3. Add a new GST rate of 12.5%. This new rate will be for manual use when users need to process transactions back into a prior period using the 12.5% GST rate. This would also be the same procedure to use for setting up a 15% rate for use prior to 1 October. To do this, go to the "Accounts" > "GST" area as before, and click “New” on the toolbar at the top right of the screen and enter the details of the new GST code (note the suggested title can be anything you like, however we recommend making it descriptive of the fact that it is the old rate).

And you're done. Easy.

For the full guide on how to change GST including any special circumstances, please contact us here or your local ABM solution provider.