How to add 7%GST rate

I'd be happy to walk you through adding a 7% GST rate in QuickBooks Online, felicia-loh-heng.

The amount of GST you collect may increase or decrease. To keep up with the rates, we can add a new GST percentage through the Taxes page in QuickBooks Online. See the steps below:

1. Click Taxes in the left panel. In Tax Centre, select Add tax.
2. A panel slides out from the right. Here, select the first option Tax rate.
3. Enter the Tax name (For example. ST 4%) and a Description. In case of multiple tax agencies, select the Tax agency under which you want to create this new tax rate.
4. Select whether this new tax rate applied to Sales or Purchases or to both. Note: It's advised that you select both options.
5. If you've selected Sales, enter the Sales rate applied for the Sales transaction.
6. Choose the Account type for this tax rate. Note: Usually it'll be a Liability account. If in doubt, please consult with your accountant.
7. Select an option from the Show tax amount on the return line dropdown. Note: The dropdown to select this may or may not be available or the options that you see may be worded differently depending on the agency you are creating the rate.
8. Select an option from the Show net amount on the return line dropdown. Note: The dropdown to select this may or may not be available or the options that you see may be worded differently depending on the agency you are creating the rate. If you've selected Purchases, enter the Purchase rate.
9. Select the Account type for this tax rate. Note: Usually it'll be a Liability. However, in case of agencies where purchase tax isn't reclaimable, this account type will be set to Expense by default. If in doubt, please consult with your accountant
10. Select an option from the Show tax amount on the return line dropdown. Note: The dropdown to select this may or may not be available or the options that you see may be worded differently depending on the agency you are creating the rate.
11. Select an option from the Show net amount on the return line dropdown. Note: The dropdown to select this may or may not be available or the options that you see may be worded differently depending on the agency you are creating the rate.
12. Hit Save.

I've also included some links for you to look through. These will provide us with more information on how to manage GST in QuickBooks Online:

Set up and use GST in QuickBooks Online.

File your GST return and record tax payments in QuickBooks Online.

Continue to post here if you have any further GST or QuickBooks questions. We'll get back to you as soon as we can. Have a good one, felicia-loh-heng.