In a few short weeks, every business in New Zealand will have to update their accounting system to handle the GST rate change.
The beauty of Xero is that we update the software for you. Automatically. For free.
People still using desktop accounting systems are facing steep fees, only to endure the frustration of installing and upgrading their system. Since you need to upgrade anyway, it’s the perfect reason to switch to Xero right now – and never go through another upgrade ever again.
Here’s a quick video that shows an overview of all the updates we’re doing for you.
You may notice a couple new things we added since our last update:
- File Now – it’s important to keep a record of the GST Return, as you filed it with IRD. To do that, simply press the File Now button when you’re happy with the numbers. Similar to publishing other reports, this records a snapshot of the return and associated reports within Xero, which matches up with the numbers you copied onto your GST form.
- Updating Bank Rules – we realise a lot of you are using Bank Rules. In fact, some of you have hundreds of them! That’s awesome. Expecting you to manually update them all would be pretty uncool. So, at the same time as updating the rates on your Chart of Accounts, Contacts, Price List Items and Repeating Transactions, we’re now doing the same thing for Bank Rules.
There’s a lot we’re doing to make the transition to 15% GST easy for you – if you’re interested, here’s a detailed explanation in the Help Centre of everything that’s happening.
Stay tuned for more updates from us over the next few weeks and be sure to check the IRD website for more information. If you’re an accountant we recommend you join us on 8 September for our dedicated GST webinar with guest presenter GST Advisory Panel Chair, Frank Owen.
Please talk with your friends and colleagues about the upcoming GST change. Ask them how they’re planning on handling it. If they’re not on Xero, let them know how easy it can be.