During this year Budget 2022, Minister Of Finance announced that GST rates will be increased by 1% from the current 7% which makes it 8% GST from 1 January 2023 onwards.
XERO have already implemented the new 8% rate by 9 December 2022 and the former 7% rate have '2022' noted so you can tell the difference easily.
On 2 January 2023, XERO will be introducing a new button at the top of Chart of Accounts page - Update to 8% defaults
What you have to do is just to click on 'Update' on the pop up and XERO will update the GST rate on your contacts, inventory items and accounts. Do note that if you happen to have more than one XERO organisation, you will have to repeat this step for every organisation.
On the other hand, if you do not click on 'Update' for the updating of GST rate, XERO will automatically update your Chart of Accounts with the new rate for you.
If you are still using Excel or paper invoices, why not consider giving XERO a try?
XERO is available for PSG Grant and claimable up to 70%!
For more information, contact us now at care@acebizservices.com or 62620402!