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NV2 - Changing the GST/HST Rate

On July 1, 2006 the Canadian GST rate changes from 7% to 6% and the HST from 15% to 14%.
On January 1, 2008 the Canadian GST rate changes from 6% to 5% and the HST from 14% to 13%.
Below are the steps necessary to change the GST rate in your NV2 program.

Changing the GST/HST Rate

In NV2, the GST rate is set in the "Trade Information" window of the "root" Sales and Purchase journals.

Choosing the "Trade Information" window to set the GST rate

To access the tax settings for purchases or sales

  1. Click on either "Purchase" or "Sales" under NewViews / Journal. (In the above image, the Purchase journal has been selected.)
  2. In the right pane, click the window tab "Default Tax Info".
  3. Set the new rate on line 4, the Rate field for Tax1 (GST/HST).

NV2 Purchase Settings

Puchase journal tax settings with the GST rate highlighted

This is the "Default Tax Info" window of the Purchase journal. Line 4 is the rate used when calculating the GST on purchases. Simply change the rate from 6 to 5.

There are two other places the GST rate for purchases may be set in your books: The "Default Trade/Tax Info" windows of the "root" Expense and Inventory accounts. These windows are shown below:

Rather than changing the rate from 6 to 5, you can actually delete the rates in these windows altogether. If the rate (and other tax settings) are deleted then the settings in the purchase journal are used instead. Deleting these settings makes switching tax rates much simpler - you only need to adjust the rate in one place - the Purchase Journal.

(These windows are provided for more "exotic" tax situations that are rarely encountered in the Canadian GST.)

NV2 Sales Settings

Sales journal tax settings with the GST rate hilighted

This is the "Default Tax Info" window of the Sales journal. Line 4 is the rate used when calculating the GST on Sales. Simply change the rate from 6 to 5.

There is one other place the GST rate for sales may be set in your books: The "Default Tax Info" windows of the "root" Sales account. This window is shown below:

As on the purchase side, you can delete the rate in this window altogether. If the rate is blank, then the rate set in the Sales journal is used. Again, as with purchases, deleting the settings in this window makes switching tax rates much simpler - you only need to adjust the rate in the Sales journal.

Switching Rates - NV2

Changing the tax rates in NV2 is about as easy as it can get - you simply click on the "root" Purchase or Sales journal, choose the Trade Information Window (if even necessary), and change the rate. New transactions and transactions you edit will use the new rate.

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