Receipt Bank tells MYOB how much tax there is on your items based on the rates pulled across from your chart of accounts.
Ensuring that the correct rates are set up as defaults on your Receipt Bank account gives you control over exactly how the tax on each of your items is treated.
1.Set an Account default tax rate:
Default tax rates should be set up on individual suppliers, but setting one on the overall account will act as a safety net should you forget to do so.
a) Navigate to the ‘Integration’ tab of your account settings;
b) Select your preferred default tax rate from the ‘Default Tax Rate’ dropdown, such as GST 10%:
2.Set Supplier default tax rates:
Receipt Bank allows you to set rules on your regular suppliers that control how Receipt Bank extracts and publishes tax amounts.
a)Click ‘Set Supplier Rules’ when looking at a relevant receipt or invoice;
b)In the pop-up, select your preferred default tax rate from the ‘Default Tax Rate’ dropdown;
c)Every time Receipt Bank sees this supplier, it will automatically extract tax based on that rate, and will publish the same rate to MYOB.
d) This can also be done from the ‘Suppliers’ tab.
Note that you can change this on an item-by-item basis from the ‘Tax’ dropdown on the Receipt Detail page: