Outdated GST Tax Rate Reminder Feature for Singapore

Introduction

Financio has implemented an outdated tax rate reminder feature in all transaction screens to alert users that they are selecting an outdated tax rate.

Please refer to the images below:

• Navigate to Sales tab > Create New > Invoice

*Example below shows that the user is in 2023 but selects a 7% tax rate (instead of 8%)

• Click Save
• The confirmation pop-up message will appear
• On the confirmation pop-up message, if the user clicks Confirm, then the system will create an invoice with a 7% tax rate
• If the user clicks Cancel, they will remain on the current screen

Note:

• For the Invoices/Purchases/Transactions/Products module, the pop-up will appear each time when the user saves the transactions
• For Opening Balance, the pop-up will appear when the user selects the tax code

How do we consider a tax rate is outdated?

Effective 1 Jan 2023, the official GST Tax rate will be 8% and 0% for zero-rated tax.

For any tax rate that are not equal to the 8% or 0% rate, the system will consider them outdated.