The correct setup and use of MYOB’s Tax Codes is the key to managing GST. Tax codes should be entered into the Tax Code column on ALL transactions (i.e. every line of every transaction).

Whilst MYOB contains certain standard tax codes, you may need to delete or create additional tax codes to suit your business needs.

To setup or amend tax codes:

  1. Open the Lists menu
  2. Choose Tax Codes
  3. To change Tax Code information click the zoom arrow or Edit button for the selected Tax Code
  4. Enter or amend the Tax Code
  5. Enter a Description
  6. Select the appropriate Tax Type
  7. Enter the tax Rate percentage
  8. Enter the appropriate Linked Account for Tax Collected
  9. Enter the appropriate Linked Account for Tax Paid
  10. Enter the Linked Card for Tax Authority (i.e. the Supplier Card for the Australian Taxation Office)

If you change an existing Tax Code, all sales and purchases with the former code will be automatically updated with the new code
If you change the tax Rate, any existing sales will not be changed, only future sales
You can delete Tax Codes if you believe you will never have a need for them, but you cannot delete a Tax Code once it has been used in any transaction

For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…


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