Adding new GST code
Software: QuickBooks accounting software
Adding new GST code in QuickBooks 2007/08 (Asia) is not as complicated as comparing to QuickBooks 2011/12 (Australia) version or QuickBooks 2011 (Canadian) version.
To add a new GST code in QuickBooks 2007/08 (Asia), simply go to the List menu and select Tax code. In the Tax Code list window, click the Tax Code button and select New to add a new Tax Code.
For GST code, the Tax Code type has to be a Goods and Services Tax, enter your tax code name such as GST07 for 7% GST, and use SR or TX7 if you prefer to use the latest GST code name from IRAS. Most importantly is to enter the rate such as 7.00% for standard rated GST code. Complete the creating of a new tax code by entering the full description of this tax code.
User should not enter more than five characters for the Tax Code name, as this may cause error later when migrate your data from v2007/08 to the latest version of QuickBooks 2011/12.
When there is a change in tax rate such as increasing from the current 7% to the latest, said 10% rated, user should not consider to simply amend the existing code, as this will cause the previous transactions adopting this newer rate; user should add a new tax code with a new rate instead.
This method of creating new GST code is applied to either QuickBooks 2007/08 (Asia) or earlier Asia/Australia version of QuickBooks.