Preparing for the Switch: How to Update Your MoneyWorks Accounting System for the New GST Rate of 9%

Singapore's GST rate is to increase from 8 to 9% from 1 Jan 2024. Update the MoneyWorks accounting software to reflect the new rate to ensure that all future transaction uses the new GST rate.

How to update your MoneyWorks accounting system for the new GST rate?

Change the GST rate in MoneyWorks accounting software from the Tax Rate list under the Show menu, edit the "G" GST code (the standard rate GST) from 8 to 9% and set the changeover date to 1 Jan 2024 (Note: You may consider setting the changeover date to 2 Jan 2024 instead of 1 Jan 2024 to facilitate any bill received or sales invoice to the customer requiring an 8% GST rate).

It is also important to edit the invoice template if you have preset a GST rate on the total GST label (e.g. GST 8%). You may contact your MoneyWorks consultant or our sales team if you require technical assistance to make the changes.

Merry Christmas!