Updating the GST Rates

QuickBooks – GST Change – January 1, 2008
The GST rate changes to 5% effective January 1, 2008. If possible, enter all transactions up to the end of December before changing the rate. Edit your existing tax codes as follows:

1. From the Lists menu, select Tax Codes List.
2. Double-click each of these three Tax Codes to open the Edit Tax Code window.
3. G: In the GST Rate field, enter 5%.
4. S: In the GST Rate field, enter 5%.
5. H: In the GST Rate field, enter 13%.
6. Click OK.

Once you've changed these amounts, any new invoices will be calculated using the new rate. Historical invoices will not be affected; they will still use the old rate.

You can still manually change the calculated GST on any transaction, if necessary.

Any memorized transactions that use GST will have to be modified.

Charities that entitled to a 50% rebate of GST paid should use the following rates:

 G: In the GST Rate field, enter 2.5%; in the PST field enter 2.5%
 S: In the GST Rate field, enter 2.5%; in the PST field enter 10.5%
 H: In the GST Rate field, enter 5.0%; in the PST field enter 8.0%