MYOB Tip: Unsure of Tax Code

Most business transactions recorded in MYOB will use either a GST tax code or the N-T tax code.

If you are entering data yourself there may be times when you are unsure of the exact tax code to use. It is a good idea to have a specific tax code set up just for such an occassion. In the following example I have used a tax code called QUE (to represent question mark).

Here's how it is done:

1. With your MYOB data file open, select 'Lists' from the top menu and scroll down to 'tax codes.' The tax code list will display on your screen with all the tax codes listed.

2. From the bottom of the page select "new" to add your unique tax code.

3. You can call it anything you like but be sure it is something you will remember or recognise when you need it. I suggest you use your usual linked accounts but set the tax rate at 0% for this code, although ultimately the accountant will fix it up when they apply the correct codes.

4. Save the new code and your screen should something like this.

The next time you are unsure of the correct tax code to use when recording a transaction, you can use your new (question mark) code. This can be assigned correctly by you or the accountant at BAS time.