1 Accounting (Malaysia GST) Hands-on Training Manual 2nd Edition Apr 2015 PeterTan AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 2 Contents 1. Installation 4 2. Activate GST Malaysia 5 The use of GST Setting From Other Account Book 3. Update Company Profile 7 8 4. Tax Code Maintenance 9 4.1. Configure Malaysia GST 9 4.2. Setting Default Tax Code 13 (a) Setting Default Tax Code in general 13 (b) Setting Default Tax Code by Stock Item 14 Appendix: How to use Easy Item for Stock item setting (c) Setting Default Tax Code by Debtors/Creditors 17 (d) Setting Default Tax Code by GL Accounts 18 4.3. How does Default Tax Code work 19 4.4. Examine Default G/L Account at GST Processor 20 5. Update Chart of Account 21 5.1. Insert new GL accounts 5.2. Assign MSIC Code 21 5.3. Assign default Tax Code 15 21 22 6. Transaction – Purchase 23 6.1. Purchased from GST-Registered Supplier 23 6.2. Cash Purchase from GST-Registered Supplier 24 6.3. Purchased from Non GST-Registered Supplier 25 6.4. Use of GST Adjustment and Taxable Amount columns 6.5. Purchase Return (Transferred from Invoice) 27 6.6. AP Invoice Entry 28 6.7. AP Payment 29 26 7. Transaction – Sales 30 7.1. Local Supply – Issue Full Tax Invoice 30 7.2. Cash Sale – Simplified Tax Invoice 31 7.3. Full Tax Invoice – Export 32 7.4. Sales Credit Note 33 7.5. AR Invoice Entry 34 7.6. AR Payment 35 8. Transaction – G/L 36 8.1. Cash Payment – with GST 36 8.2. Cash Payment – without GST 37 8.3. Cash Payment – Blocked input tax 8.4. Journal Entry 39 38 9. GST Processor 40 9.1. Run GST Processor using wizard 40 9.2. GST-03 43 9.3. Generate GST Return File 44 9.4. Generate GAF 45 9.5. Other Reports 46 9.6. Saving GST Processor 47 9.7. Commit GST Processor 48 9.8. Payment of GST due / Payment of Input Tax Credit 49 AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 3 10. Bad Debt Relief 50 10.1. Claiming AR Bad Debt Relief 10.2. Recovery of Bad Debt Relief 11. Gift Rule 11.1. 11.2. 50 52 54 Gift more than RM500 54 Gift more than RM500 accumulative 56 12. Imported Goods 60 12.1. Purchase Invoice – use of Tax Code: IM-GDS 60 12.2. Payment Voucher – use of Imported Goods Document 61 13. Imported Services 63 13.1. Purchase Invoice – use of Tax Code: IM-SVC 63 13.2. AP Payment – knock off PI and auto-generate Journal Entry 64 14. GST on DO (21-Day Rule) 66 14.1. Create DO and full document transfer to invoice 66 14.2. Run GST Processor 68 14.3. Run GST Processor in the subsequent taxable period 72 15. GST on Payment (Deposit) 74 15.1. Create AR Payment – unapplied 74 15.2. GST Processor for current period 75 15.3. Create new AR Invoice Entry and knock off using AR Payment 15.4. GST Processor 80 16. Other Topics 82 16.1. GST Date vs Document Date 82 16.2. Reset GST Processor 82 16.3. Access Rights Maintenance for GST 83 AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 77 4 1. Installation a. Before installation or upgrades, always backup your existing database. b. Install AutoCount Accounting version 1.8 (32/64bit) or AutoCount Express 1.8 (32/64bit). c. A separate new program folder (Accounting 1.8) and short cut icon will be created. Your existing folder and shortcut of version 1.3/15/1.6 will remain untouched. d. For existing user who upgrades from earlier version (1.3, 1.5 or 1.6), you need to request for new license code that can be worked on version 1.8. For education purpose, license code is not needed. e. For learning purpose, create a new account book with company name: AutoCount GST Exercise. f. AutoCount Backup Server: Upon saving the newly created account book, the following screen ‘Add to Scheduled Backup’ will be prompted, if you do not want to add this account book into the list of scheduled backup, click Cancel. In order for the scheduled backup to work, you must install AutoCount Backup Server. By default, during installation, if you have chosen Standalone Installation OR Network Installation > Server Installation, AutoCount Backup Server will be automatically installed. Should it not been installed, just look for the installer (AutoCount Backup Server Setup.exe) on the DVD and double click to install it. Task Name: Assign a name for this scheduled backup task. A Task ID will be auto generated. Server Backup Directory: The path of backup destination. E.g. D:\AutoCount Backup\ Backup File Prefix: Set the prefix for the name of backup file to be generated. E.g. ACSB Apply password to your Backup File: this is to set password for the backup file to be generated. This password will be needed when restoring the backup file. Backup Start Date/Time: set the date/time for the very first backup file to commence Repeating: set if you want to repeat the backup task. Repeat Type: choose how you would like the backup task to be repeated: Every Hour, Every Day, Every Week Day or Every Month. Notify on failed/success: check the checkbox so that you will be notified of the failure/success of the scheduled backup task via the email address provided by you. Email: key in the email address if you have chosen to be notified on failed/success. Backup Service Port: set the backup server service port. Usually this is auto-set. Backup Service Host: this is the host PC where backup server is installed. Save: to confirm adding the task of scheduled backup for this account book. Cancel: to choose not to add the task of scheduled backup for this account book. The service will then keep prompting a reminder message such as: Warning: Database xxx does not exist in Scheduled Backup… until you go ahead and set the task. g. Login to the newly created account book: AutoCount GST Exercise AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 5 2. Activate GST Malaysia Tools >Options > General > Goods & Services Tax 2. Check ‘Enable Goods & Services Tax (Tax)’. GST Rate is filled with 6.00 1. General > Goods and Services Tax Check this if most of your sales are tax inclusive To copy GST setting from another account book 3. Set GST start month and year (it should be 04-2015 or later) 4. Set taxable period (usually 3 or 1 month) Enable Goods & Services Tax: check this checkbox to activate GST functions. A GST menu will be visible on the main menu bar. GST Rate: By default the GST rate is set to 6.00 Rename Tax to: default name is GST. In some countries, it may be named VAT. Must specify Tax Code: this checkbox if checked will make it compulsory to assign a tax code for each of the transactions. No ‘null’ value is allowed. Tax Reporting Currency Code: This feature is used in Singapore version. Enable Tax Document Number Management: This feature is used in other countries where the government controls the tax document numbers. Allow Different Tax Currency Rate: This is used in Singapore version. Use Inclusive GST for all Sales documents: Check this if most of your sales pricing are inclusive of GST. You may, however, change the Inclusive to become Exclusive (or vice versa) during transaction entry. GST Setting From Other Account Book: this is used to import settings from another account book. Items can be imported are: customized reports, GL accounts (including account type, journal type and currency, MSIC code…), tax codes, stock item’s default tax code, debtor/creditor default tax code. GST Start Date: the earliest start date (month) will be the effective date of GST in Malaysia i.e. 04-2015. In actual case, your start date will depend on your registration date. Just follow the instructions as shown on your registration approval letter. GST Taxable Period (months): In most cases, taxable period will be 3 (months). Some companies (e.g. whose annual turnover is > 5 million) may have monthly taxable period. However the taxable period will be assigned by Royal Malaysian Customs Department (RMCD) upon your registration as GST company. Just follow the instructions as shown on your registration approval letter. Apply GST Logic Option: two options to control when to apply the tax logic. Apply Tax Logic only after GST Start Date: means GST function will only work on or after the GST Start Date. Apply Tax Logic for all date: means apply GST function as soon as GST is enabled. If you are upgrading from version 1.5 to version 1.8 and had not enabled GST before this, the system will automatically choose the first option. If you have been using GST function for Sales tax, the system will automatically select the second option when upgrading. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 6 Must Process A/R Bad Debt Relief After Six Month: if this option is checked, you must claim A/R Bad Debt Relief (for documents that fulfilled conditions) during GST Processor wizard. Uncheck this option will allow you to decide whether or not to claim A/R Bad Debt Relief (for documents that fulfilled conditions) during GST Processor wizard. Must Process GST on D/O: if this option is checked, you must process GST on D/O (where invoice was not issued within 21 days) during GST Processor wizard. Uncheck this option will allow you to decide whether or not to process GST on D/O (where invoice was not issued within 21 days) during GST Processor wizard. Must Process GST on Payment: if this option is checked, you must process GST on Payment (deposit/payment received before basic tax point) during GST Processor wizard. Uncheck this option will allow you to decide whether or not to process GST on Payment (deposit/payment received before basic tax point) during GST Processor wizard. However, for Security Deposit that no need to account for output tax, you may check the checkbox of 'Is Security Deposit?' in A/R Deposit entry window, so that it will be excluded from the process of GST on Payment during GST Processor wizard. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 7 How to implement GST setting for existing AutoCount Accounting users? The use of ‘GST Setting From Other Account Book’ Note: It’s advisable to make early preparation, understand the setting and practice with GST features before effective date. You may make the GST setting in advance and have a try run. a) Create a backup file from existing account book (e.g. AC Sdn Bhd) b) Restore the backup file to generate a new account book (name it AC2 Sdn Bhd). Perform GST setting in this account book. Including update/insert GL Accounts, assign MSIC Codes, GST Code Maintenance, set default Tax Code by Debtors/Creditors/Stock Items, Customize reports… you may test run with some transactions to feel the whole cycle of GST processes. b) When getting close to the effective date, logon to your real account book (AC Sdn Bhd), go to Tools > Options > General > Goods & Services Tax, click on ‘GST Setting From Other Account Book’. 1. define the Server name and Database to be copied from. 2. check if you’d like to include any customized reports. 3. select contents to be copied.. 4. Click to start copy. Define the Server Name, select the Database to copy from (in this case it means AC2 Sdn Bhd), select the options to be copied. Click Copy. c) Now your account book is equipped with GST settings, you may start perform entries/transaction records involved GST. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 8 3. Update Company Profile a. General Maintenance > Company Profile Key in the Tax/GST Registration No Key in GST ID and Self-Billed Approval No (if any) b. Click on the tab of Logo & Report Header Click on Set Default Report Header 1. Click this tab 2. Click to set the default report header 3. You may rearrange the layout and change the font type/size/color. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 9 4. Tax Code Maintenance 4.1 Configure Malaysia GST Go to GST > Tax Code Maintenance > Configure Malaysia GST Click this Click next Click next AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 10 Click next Click next Click Finish AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 11 The system has proposed few new GL accounts and if you agree, will generate them and tie to respective tax codes. Check to select. Uncheck to ignore. You may change the proposed account no., account description and account type. Click Save Tax code maintenance is completed. To modify the selection, click on Configure Malaysia GST. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 12 Tax codes for Input Tax You may check/uncheck any of the checkboxes to select/dis-select a tax code. If you enable a tax code that associates with Tax Rate of 6% you must assign its Tax Acc No. for posting purpose. Tax codes for Output Tax Click Save AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 13 4.2 Setting Default Tax Code 4.2 (a) Setting Default Tax Code in general Click to select a tax code (for each category), click on Edit and set as Default. 3. Check Default 2. Click on Edit 4. OK 1. Highlight a tax code of input tax 3. Check Default 2. Click on Edit 4. OK 1. Highlight a tax code of output tax AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 14 4.2 (b) Setting Default Tax Code by Stock Item You may set default tax code for any of the Stock Items, especially if the tax code for such item is different from default tax code in general. Go to Stock > Stock Item Maintenance, select the stock item, click on Edit, set the default Supply Tax Code and Purchase Tax Code: AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 15 Appendix How to use Easy Item for stock item setting (setting of default tax code by items) Go to Stock > Stock Item Maintenance 1. Click on Find Stock Item 2a. key in keyword / define search criteria for searching purpose. 2b. Click on Search 3. Check All 4. Easy Item AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 16 5. click to select all 6. Range Set 7. check the checkboxes and define the default tax code for all the selected stock items. 8. Save AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 17 4.2 (c) Setting Default Tax Code by Debtors/Creditors You may set default tax code for any of the debtors/creditors. For example, default tax code for an overseas customer can be set to ZRE which means Output Tax 0% - Zero Rated Supplies (Exports); default tax code for a supplier who has not registered as GST Taxable person should be NR (Input Tax 0% - Non GST supplier)… Setting Default Tax Code for Debtor Go to A/R > Debtor Maintenance Select the debtor, click on Edit, click on Others tab, set the default GST Tax Code: Assign default tax code AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 18 Setting Default Tax Code for Creditor Go to A/P > Creditor Maintenance Select the creditor, click on Edit, click on Others tab, set the default GST Tax Code: Assign default tax code Check this if the supplier always bill you with tax inclusive. 4.2 (d) Setting Default Tax Code by GL Accounts You may set default tax code for any of the GL accounts at G/L > Account Maintenance. Assign default tax code AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 19 4.3 How does Default Tax Code work For sales and purchase documents, the priority will be given in the following order: Debtor/Creditor Stock Item Tax Code Maintenance. Please be aware that even though default tax code is set, you are able to select other tax code during transaction/entry. For GL, AR and AP entries, the priority will be given in the following order: Debtor/Creditor Account Maintenance. Please be aware that even though default tax code is set, you are able to select other tax code during transaction/entry. For example: Scenario 1: If you are making wholly standard rated supply, you may set the default tax code as follow: At Tax Code Maintenance: default input tax code (TX_S), default output tax code (SR_S) At Creditors Maintenance: set default tax code (NR) for those suppliers who are not GST-registered; (IM-GDS) for overseas suppliers of standard rated goods; (IM-SVC) for overseas suppliers of standard rated services. At Debtors Maintenance: set default tax code (ZRE) for those overseas customers. At Account Maintenance: set default input tax code (BL) for expenses accounts where input tax is blocked. Scenario 2: If you are making both standard-rated supply (majority) and zero-rated supply, you may set the default tax code as follow: At Tax Code Maintenance: default input tax code (TX_S), default output tax code (SR_S) At Stock Item Maintenance: for zero-rated items, default input tax code (ZP) and default output tax code (ZRL); you may use ‘Easy Item’ to easily set the default tax codes for large volume of stock items. Alternatively you may also update the related fields using ‘Export to Excel’ and “Import From Excel’. At Creditors Maintenance: set default tax code (NR) for those suppliers who are not GST-registered; (IM-GDS) for overseas suppliers of standard rated goods; (IM-SVC) for overseas suppliers of standard rated services. At Debtors Maintenance: set default tax code (ZRE) for those overseas customers. At Account Maintenance: set default input tax code (BL) for expenses accounts where input tax is blocked. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 20 4.4 Examine Default G/L Account at GST Processor Go to GST > GST Processor, Options > Settings Check if the respective GL accounts are assigned correctly. 1. Click on Options > Settings 2. Default GL account for posting purpose 3. Summary style (recommended) 4. OK GST Doc.No.. is for you to assign a numbering format of JV maintained at General Maintenance. Leaving it blank means use the default format. For CIMB online payment of GST due. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 21 5. Update Chart of account (G/L > Account Maintenance) 5.1. Insert new GL accounts (whichever applicable): A/C Type FIXED ASSETS FIXED ASSETS A/C No GST-2010 GST-2015 A/C Description PASSENGER CAR ACCUM.DEPRN.PASSENGER CAR COST OF GOODS SOLD 614-0000 CUSTOMS DUTY EXPENSES EXPENSES EXPENSES GST-9040 * GST-9050 GST-9060 GIFTS ROUNDING ADJUSTMENT MAINTENANCE OF PASSENGER CAR * Related setting at: Tools > Options > Invoicing > Cash Sale, check the checkbox of ‘Enable 5 cents rounding adjustment in Cash Sale’ Tools > Options > G/L > Default Accounts, assign Rounding Adjustment Account = GST-9050 5.2. Assign MSIC Code (whichever applicable): A/C Type SALES SALES SALES ADJ A/C No A/C Description 500-0000 500-1000 510-0000 SALES CASH SALES RETURN INWARDS MSIC Code 62010 62010 62010 MSIC Code: MSIC Code is your major industry code (5 digit) according to Malaysia Standard Industrial Classification which is downloadedabe from www.statistics.gov.my The total output tax of each MSIC code will appear in Form GST-03 (item 19). Should the MSIC Code is not defined, the output tax amount will be shown in the box of Other. Assign MSIC Code to G/L accounts that affect the value of Output Tax. Example of accounts that need to assign MSIC Code are: Sales, Cash Sale, Return Inwards, Discount Allowed, Rental Received….. Should there are more than one MSIC code, you need to have multiple accounts for each type of Sales, Case Sales, other incomes… and assign each of them with related MSIC code respectively. Define MSIC code AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 22 5.3. Assign default Tax Code (whichever applicable): Examples of default tax code setting of GL accounts are: A/C Type F. Assets F. Assets Sales Sales Expenses Expenses Expenses Expenses Expenses Expenses A/C No A/C Description Input Tax Code Output Tax Code 200-2000 GST-2010 500-0000 500-0000 901-0000 907-0000 GST-9040 GST-9060 Furniture & Fitting Passenger Car Sales Cash Sales Advertisement Water & Electricity Gift Maintenance of Passenger car Medical Fee (GST not claimable) Entertainment (GST not claimable) TX-S BL SR-S SR-S TX-S TX-S TX-S BL BL BL Examples: AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 23 6. Transaction – Purchase 6.1. Purchased from GST-Registered Supplier The following Full Tax Invoice was received from 400-S001 Supplier Standard To: <You> Supplier Standard <Address><ID> Date: 02/mm/yyyy TAX INVOICE Inv.No. 0011 --------------------------------------------------------------------------------------------------------Item TaxCode Description Qty UOM Unit Price Total --------------------------------------------------------------------------------------------------------1. SR Goods Standard 5 Unit 600.00 3000.00 2. ZRL Goods Zero 5 Unit 300.00 1500.00 3. SR Services 1 Unit 200.00 200.00 --------------------------------------------------------------------------------------------------------Subtotal (Ex): 4700.00 GST: 192.00 Total: 4892.00 Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 24 6.2. Cash Purchase from GST-Registered Supplier The following Simplified Tax Invoice was received from 400-S001 Supplier Standard Supplier Standard <Address><ID> Inv.No. CS-22 Date: 03/mm/yyyy -------------------------------------------------------1. 0001 1 x 500.00 500.00 SR 2. 0002 1 x 300.00 300.00 ZRL -------------------------------------------------------Total sales inclusive GST@ 6% 800.00 GST 28.30 Cash Payment 800.00 Change 0.00 Effects on Ledger (double entry): AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 25 6.3 Purchased from Non GST-Registered Supplier The following Invoice was received from 400-S002 Supplier Non GST. To: <You> Supplier Non GST <Address> Inv.No. 1234 Date: 04/mm/yyyy INVOICE --------------------------------------------------------------------------------------------------------Item Description Qty UOM Unit Price Total --------------------------------------------------------------------------------------------------------1. Goods Standard 5 Unit 610.00 3050.00 2. Goods Zero 5 Unit 300.00 1500.00 3. Services 1 Unit 210.00 210.00 --------------------------------------------------------------------------------------------------------Total: 4760.00 Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 26 6.4 Use of ‘GST Adjustment’ and ‘Taxable Amount’ columns Introduce the use of additional columns: ‘GST Adjustment’ and ‘Taxable Amount’. Drag out the column of GST Adjustment from Column Chooser. The adjustment value can be +ve or –ve with maximum 2 decimal places. Taxable Amount is the base of GST calculation. By default it is same as Total value, you may change/key in if necessary. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 27 6.5 Purchase Return (Transferred from Invoice) The following Credit Note was received from 400-S001 Supplier Standard To: <You> Supplier Standard <Address><ID> Credit Note CN.No. CN-11 Date: 05/mm/yyyy Inv.No. 0011 --------------------------------------------------------------------------------------------------------Item TaxCode Description Qty UOM Unit Price Total --------------------------------------------------------------------------------------------------------1. SR Goods Standard 1 Unit 600.00 600.00 --------------------------------------------------------------------------------------------------------Reason: Goods Returned Subtotal (Ex): 600.00 GST: 36.00 Total: 636.00 Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 28 6.6 AP Invoice Entry The following Full Tax Invoice was received from 400-S001 Supplier Standard To: <You> Supplier Standard <Address><ID> TAX INVOICE Inv.No. 0033 Date: 07/mm/yyyy --------------------------------------------------------------------------------------------------------Item TaxCode Description Qty UOM Unit Price Total --------------------------------------------------------------------------------------------------------1. SR Goods Standard 2 Unit 600.00 1200.00 2. ZRL Goods Zero 2 Unit 300.00 600.00 --------------------------------------------------------------------------------------------------------Subtotal (Ex): 1800.00 GST: 72.00 Total: 1872.00 Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 29 6.7 AP Payment 10/mm/yyyy make a cash payment RM 1256.00 to 400-S001 Supplier Standard, knock off invoice no: 0011. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 30 7. Transaction – Sales 7.1 Local Supply – Issue Full Tax Invoice to 300-S001 Standard Customer Mixture of standard rated item and zero-rated item. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 31 7.2 Cash Sale – Simplified Tax Invoice Issue tax invoice with tax inclusive. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 32 7.3 Full Tax Invoice - Export Issue invoice to an overseas customer whose default tax code is ZRE. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 33 7.4 Sales Credit Note – transferred from Sales Invoice Create a new credit note to record a return of spoilt item from Standard Customer. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 34 7.5 AR Invoice Entry Record the invoice entry without generating sales invoice. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 35 7.6 AR Payment Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 36 8. Transaction – G/L 8.1 Cash Payment – with GST Purchases filing system from GST-registered stationery shop. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 37 8.2 Cash Payment – without GST Pay office rental, the property owner is not GST-registered. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 38 8.3 Cash Payment – Blocked input tax Maintenance of passenger car… RM 240 + RM 14.40 GST, the input tax is blocked. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 39 8.4 Journal Entry – Cheque book charges Record the charges of cheque book by the bank… RM20 + RM 1.2 GST Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 40 9. GST Processor GST Processor is used to gather all info related to GST and produce reports such as GST-03, GST Return File, GAF and other summary reports. 9.1 Run GST Processor using wizard Go to GST > GST Processor 1. Click New 2. Click Next AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 41 3. Click Next 4. Click Next 5. Click Next AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 42 6. Click Next 7. Click Next 9. Click Yes 8. Click Next AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 43 This is tax summary 9.2 GST-03 You may view the GST-03 (GST Return Form), save a softcopy as a record. 1. GST-03 2. Click on this button to export to other format such as PDF, XLS, XLSX… AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 44 9.3 Generate GST Return File After the content of the taxable period is finalized, for online submission of GST return, you need to generate GST Return File and save a copy which will be attached during online submission at Taxpayer Access Point (TAP). 1. Click on Generate GST Return File 2. Define a destination to save the file to be generated… then Save. 3. Click on Yes if you want to view the file 4. This is the content and format of GST Return File AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 45 9.4 Generate GAF GST Audit File (GAF) must be made available upon request from RMCD. You may generate GAF and keep a softcopy file after you have finalized the content of the taxable period. 1. Click on Generate GAF 2. Define a destination to save the file to be generated… then Save. 3. Click on Yes if you want to view the file 4. This is the content and format of GAF AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 46 9.5 Other Reports Other tax summary reports provide additional information of related transactions. 1. Preview 2. Tax Summary All in one AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 47 9.6 Saving GST Processor Usually the processor of a particular taxable period will not be ‘Committed’ before finalization. An uncommitted processor can be deleted so that corrections of errors can be made and the processor can be generated again. When the contents are checked and finalized by the user, GST Return file will be generated and submitted online thru TAP site. GAF file will be generated as well for filing purpose. Then the processor will be Committed. Click on Close to save the processor without Committing.. The status of the processor is ‘Not Committed’ You may exit the processor and come back anytime to Commit, Delete, View…. the processed period. . AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 48 9.7 Commit GST Processor After submitted GST Return (wither using GST-03 or GST Return File), you have to ‘Commit’ the processed period. Upon Committing the processor, a journal entry will be generated to reconcile the balances of input tax account and output tax account, and transfer the difference to GST Control Account. Once the status of processor for a particular taxable period is ‘Committed’, the said period will be locked for unauthorized modification. And you may proceed to run processor for the subsequent taxable period. 1. Click Commit 2. Key in Admin password and click OK 3. Click Yes 4. The status changed to ‘Committed’ AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 49 9.8 Payment of GST due / Refund of Input Tax Credit The following journal entry was generated when commit the processed period. The journal entry has credited the tax amount payable (RM211.73) to GST Control Account. Create a Cash Payment to record the payment of tax to RMCD. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 50 10. Bad Debt Relief 10.1 Claiming AR Bad Debt Relief Go to GST > Manage AR Bad Debt 1a. In normal situation, you should claim bad debt relief on outstanding invoices that > 6 month 1b. Define the search criteria, then click on Search 2. Check the document to claim bad debt relief. 3. Click on Create Bad Debt Relief 4. For the journal entry to be generated, define the Date, then click OK. 5. click on Search to refresh 6. The status is updated 7. The button is changed. You may click to Undo. 8. Click to view the generated Journal Entry. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 51 9. This is the generated Journal Entry. Effects on Ledger (double entry) can be claimed bad debt relief will also be auto-detected when running GST Processor wizard. However should you have done it at Manage AR Bad Debt, it will be reflected as well. You may notice that documents AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 52 10.2 Recovery of Bad Debt Relief If the debtor subsequently pay the outstanding amount, just create a AR Payment and knock off accordingly. A journal entry will be generated to record the recovery of Bad Debt Relief. Create AR Payment… 1. Knock off against the invoice which bad debt relief was claimed. 2. Save 3. OK to generate the journal entry AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 53 4. Journal entry generated. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 54 11. Gift Rule 11.1 Gift more than RM 500 Example: 05 m+1, yyyy - Purchased a mobile phone from AAA Supplies RM4000 + RM240 GST as a gift for Standard Customer. Record the purchase using Cash Payment. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 55 Record the gift using GST > Gift Rule 1. New 2. Define/Type Name of recipient 3. Define date 4. Define gift and amount 8. Yes to generate Journal entry. 5. Total accumulated gift amount will be displayed 6. Previous gift records will be shown here. 7. Save 9. Double click to view the journal entry AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 56 10. This is journal entry for deemed supply Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 57 11.2 Gift more than RM 500 accumulative Example: 06 m+1, yyyy – Give a hamper worth RM 300 to Mr. Peter 09 m+1, yyyy – Give another hamper worth RM 400 to Mr. Peter Record the gift using GST > Gift Rule 1. New 2. Define/Type Name of recipient 3. Define date 4. Define gift and amount 5. Total accumulated gift amount will be displayed 6. Previous gift records will be shown here. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 7. Save 58 8. New 9. Define/Type Name of recipient 10. Define date 11. Define gift and amount 12. Total accumulated gift amount will be displayed 13. Previous gift records will be shown here. 15. Yes to generate Journal entry. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 14. Save 59 16. Double click to view the journal entry Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 60 12. Imported Goods 12.1 Purchase Invoice – use of Tax Code: IM-GDS Create Purchase Invoice for goods imported from overseas. Create Cash Payment to record customs duty and GST paid to RMCD when goods are cleared/retrieved from customs. Example: 10 m+1, yyyy: Invoice (No. 1234) received from 400-S003 Supplier Overseas Goods, to purchase (import) 10 units of item 00001 at RM600 each. 15 m+1, yyyy: Charges by RMCD: Customs duty (10% x 6000) = RM 600 GST (6% x 6000) = RM 360 and (6% x 600) = RM 36 1. Assign tax code: IM-GDS without GST Rate. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 61 12.2 Payment Voucher – use of ‘Imported Goods Document’ 1. Define Pay To, Description, Date, and Payment Method. 2. Click on Imported Goods Document. 8. The PV details is filled. 3. Search 4. Check to select the related Purchase Invoice. 5. Define the % of duty or just key in the Custom charges. 6. Assign G/L account and Tax Code. 7. OK. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 62 Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 63 13. Imported Services 13.1 Purchase Invoice – use of Tax Code: IM-SVC Upon payment of the supply, the recipient of imported services needs to account for GST on reverse charge mechanism, just as if he is making the supply to himself. If input tax credit is allowed, he may claim input tax at the same time. Example: 11 m+1, yyyy: Invoice (No. 2222) received from 400-S004 Supplier Overseas Services, to purchase (import) 1 unit of item 00003 at RM2000. 12 m+1, yyyy: Full payment made to 400-S004 via bank transfer. 1. Assign tax code: IM-SVC without GST Rate. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 64 13.2 AP Payment – knock off PI and auto-generate Journal Entry 1. Define Creditor, Description, Date, Payment Method, and Payment amount 2. Knock off the invoice with tax code: IM-SVC 3. Save Check this if input tax credit is not allowed. 4. OK to generate Journal Entry for GST. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 65 5. Journal Entry generated. Effects on Ledger (double entry) AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 66 14. GST on D/O (21-Day Rule) During GST Processor, the system will detect all Delivery Orders that are still outstanding at the end of the taxable period, and: - have not been transferred to Invoice, or - have been transferred to Invoice but not within 21 days. You will be required to generate journal entry on the DO date to account for output tax. In the subsequent taxable period or later taxable period, on the date of invoice where such DO are transferred to, a reversed journal entry will be generated to offset the total output tax posted from the invoice. Example: 20 m+1, yyyy: 21 m+1, yyyy: 05 m+2, yyyy: 25 m+2, yyyy: Create a DO to 300-S001, 5 units of item 00001 @ RM 1000, plus 6% GST. Create a DO to 300-S001, 2 units of item 00001 @ RM 1000, plus 6% GST. Full document transfer from DO (20 Jan) to Invoice. (within 21 days) Full document transfer from DO (21 Jan) to Invoice. (more than 21 days) 14.1 Create DO and full document transfer to Invoice. D/O 1 AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 67 D/O 2 Invoice transferred from D/O 1 AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 68 Invoice transferred from D/O 2 14.2 Run GST Processor for taxable period of m+1, yyyy (run at the end of m+2, yyyy) New.. then Next, Next, Next, Next AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 69 One DO was detected, journal entry will be generated upon completion of Processor wizard. Click Next, Next 2. Yes 3. Yes 1. Finish AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 70 This is the generated Journal Entry Posting summary AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 71 1. Commit 3. OK 2. Admin password 4. Yes 5. You may view the Journal Entry generated upon Commit 6. or Close AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 72 14.3 Run GST Processor in the subsequent taxable period To see how the system generate a reversed entry for output tax that was accounted for in pervious taxable period. GO to GST > GST Processor, New, Next, Next, Next, Next 1. Reverse Transferred DO 2. Next, Next 4. Yes 5. Yes 3. Finish AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 73 6. Journal entry generated Effects on Ledger (double entry) Proceed to Commit the processed taxabel period (m+2, yyyy). AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 74 15. GST on Payment (Deposit) During GST Processor, the system will detect any unapplied AR Payment or AR Deposit at the end of the taxable period, and allows you to generate journal entry on the date of AR Payment or AR Deposit to account for output tax of such payment in advance. When the said AR Payment or AR Deposit is knocked off against AR Invoice in the subsequent taxable period or later taxable period, a reversed journal entry will be generated to offset the total output tax posted from the invoice. Example: 22 m+3, yyyy: Create a AR Payment from 300-S001, Cash RM 1000, do not knock off any invoice. 03 m+4, yyyy: Create a new AR Invoice Entry for 300-S001, total RM 5000 + GST. Knock off the AR Payment against this invoice. 15.1 Create AR Payment – unapplied Do not knock off AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 75 15.2 GST Processor for current period GO to GST > GST Processor, New, Next, Next, Next, Next, Next One advanced payment is detected. 1. Next 3. Yes 2. Finish AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 76 Proceed to Commit the processed taxable period (m+3, yyyy) . AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 77 15.3 Create new AR Invoice Entry and Knock off in the taxable period of m+4, yyyy using AR Payment unapplied amount in m+3, yyyy. Create new AR Invoice on 3 m+4, yyyy. In order to Edit AR Payment, which was locked for taxable period of m+3, yyyy and before, you need to set Exception of Period Lock. Go to Tools > Manage Fiscal Yea:r 1. Click Manage Period Lock AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 78 3. Manage Exceptions 2. click on the related month 4. click to select Cash Book Entry 6. Apply 5. check Admins 7. repeat step 4-6 for AR Payment 8. Close, OK, Close. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 79 Go to AR Payment, Edit the AR Payment dated 22 m+3, yyyy. and knock off against the AR Invoice on 3 m+4, yyyy. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 80 15.4 GST Processor in the taxable period of m+4. yyyy GO to GST > GST Processor, New, Next, Next, Next, Next, Next. 1. Reverse Applied Payment 2. one entry detected 3. Next 5. Yes 4. Finish AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 81 AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 82 16. Other Topics 16.1 GST Date vs Document Date This feature is used to insert transaction after tax submission. Example: Monthly taxable period: Apr 2015. Tax return submitted on 25 May 2015. On 30 May 2015, received a supplier invoice dated 28 Apr 2015. (1) Before all, please make sure that you have already assigned the following Tax Accounts in GST Settings (accessible via GST Processor or can be done automatically by using the proposed GST accounts via the Tax Code Maintenance Wizard.): - Deferred Input Tax Account - Deferred Output Tax Account (2) Go back to month of April (with exception setting, of course) and insert a Purchase Invoice or AP Invoice Entry as per document date (28 Apr 2015), at the same time assign different GST date (31 May) so that GST amount will be included in the taxable period of May 2015. (3) On 28 Apr (Document date), the tax amount will be posted to a Deferred Input Tax Account. (4) On 31 May (GST Date), the system will automatically transfer the tax amount form the Deferred Input Tax Account to Input Tax Account. (5) GAF will be affected as well. GST Date is available in the following documents: (Edit > Set GST Date) - Sales: Invoice, Credit Note, Debit Note and Cash Sales - Purchase: Purchase Invoice, Purchase Return and Cash Purchase - AR and AP documents - Cash Book and Journal Entry 16.2 Reset GST Processor (For GST Testing only) When a processed taxable period is Committed, the period will be locked. If you want to undo the Processor, you may reset the GST Processor. Just login to AutoCount Accounting Management Studio, then go to: - Tools > Reset GST Processor (to erase all records in GST Processor), or - Tools > Reset Latest GST Processor (to erase the last record of GST Processor). ADMIN user password is needed to perform reset, and a confirmation message will be prompted. After a successful reset, the period locks associated with the record will also be released and the user may proceed to edit/modify transaction and run GST Processor again. WARNING! Reset GST Processor will not remove or erase your data in the system, it just erase the history of Processor. Please be aware that you are not supposed to edit your data after submitted the tax return (that’s why the period is locked automatically after Committed). Even though you may do so by using Manage Exception or Reset GST Processor, you must understand the consequences of modifying entries that will affect GST values and reports. AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter 83 16.3 Access Rights Maintenance for GST Go to General Maintenance > User Maintenance Access rights control on GST related features. ~ End ~ AutoCount Accounting (Malaysia GST) Hands-on Training Manual by Peter
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