MYOB ABSS Singapore GST
MYOB ABSS – Singapore GST changes in 2023 and 2024 from current 7% to 8% on 1/1/2023 and from 8% to 9% on 1/1/2024. As the clock is ticking towards year end, there are more and more people asking what to do for the coming GST changes in 1st January 2023 to let the system start adopting 8%. Refer to IRAS website for detail preparation for rate change: https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-business/preparing-for-gst-rate-change.
This article is for ABSS / MYOB Premier users, what are the preparation you can do. As you can see below, there are 30 tax codes for Singapore version of ABSS / MYOB by clicking on Lists > Tax Code (in your MYOB or ABSS Premier software):
As ABSS/MYOB users, here are some things you can do on 1st January 2023:
- Create new tax code for all the existing tax code that has the rate of 7%, you can ignore the 0% rate tax code
- Name the new code with “7” in front for example SR now has a new code 7SR and link the account code properly and set to 7%
- All the existing code in this example SR to change the rate to 8%
- Change all your Tax invoice forms and templates to reflect 8% GST rate and name it as 8% or 2023 tax invoice
- Continue using the same tax code from 1st January 2023, however do use the new code for example 7TX for purchase or sales transactions dated before 1st January 2023
- Do remember to control users who key in before 2023 so that you do not apply the wrong rate
Those of you who are our regular customers and has helpdesk support with us, we will prioritise to help you cut over at end of December 2022 to prepare for the change. We will block out the period in end of December and prepared a tax table to import in for you. Just get our contact numbers ready and as well and download our remote support software for us to remote in to assist you.
You can download the remote support software from our website: https://amcpro.asia/downloads/
For those of you who have already changed over to Moneyworks, you can read about the changes in the article here. Moneyworks is simpler, as the function has been provisioned for change-over.
If you are considering to change your accounting software, it would be a great time to consider, as you can claim up to 70% PSG grant for implementation and purchase of Moneyworks solution. Read up more here.
Do feel free to contact us for more information at +65 6589 8878!
We are using ABSS Accounting V28.7, we have not been using the AIF for the GST Submission, is it compulsory to upgrade or we can do manual tax code creation for the change of GST wef 1.1.2023.
It is not compulsory to upgrade. You can just do with manual tax code creation for GST change.