Submit GST Form 5 to IRAS from the MoneyWorks accounting system digitally

Connect to IRAS is a new feature to allow the accountant to submit the GST from the MoneyWorks accounting system digitally. It is part of the IRAS Road Map 2.0 compliance.

You will still be doing the usual GST processes (i.e. print and check the GST reports and finalise the GST).

But, instead of logging into the IRAS tax portal to submit the GST manually, you can submit it via the Connect to IRAS feature.

How does it work?

From the Command menu, click the Connect to IRAS, and MoneyWorks will pull the finalised GST data into Form 5. Then, you check the data, update the statistical information such as Revenue (which you can pick up from the income statement), and click the submit button to connect to the IRAS web portal. You will be prompt to log in with your Singpass as part of the security measure. That’s it. You will get an acknowledgement once data has successfully transferred.

Submit GST Form 5 to IRAS from the MoneyWorks accounting system digitally
IRAS Connect

Connect to IRAS is a new feature for Singapore MoneyWorks users. It helps eliminate errors in manual entry of GST form 5 in the IRAS tax portal, another step towards digital transformation and improving productivity.

Download a trial to test drive Moneyworks or book a demo to find out more.

MoneyWorks version 9.0.9r2 update

Update your MoneyWorks version 9 to the latest 9.0.9r2 before printing your GST Form 5 guide!

Cognito has released version 9.0.9r2 update, patching the error found in Box 3 of the GST Form 5 guide. It resolves the issue of adding the zero-rated GST taxable amount to Box 3. Follow the update instruction or get your IT to help update your MoneyWorks accounting system.

Visit the Cognito website to view the complete list of change history of version 9.0.9r2.

Notes on Operating System:

  • macOS: full disk access required by MoneyWorks Datacentre for macOS Catalina and later.
  • Windows 8.0: This release will not run on Windows 8.0; please update to Windows 8.1 or higher before updating MoneyWorks.

How to sort two columns?

MoneyWorks list view is a transaction list showing the data you have recorded (e.g. Sales invoices or payment transactions). You can easily add or remove a column (From the Edit menu > Customise List View), add a heading field with a formula (such as Gross/ExchangeRate to get the home currency equivalent amount), or you can sort according to how you wish to present.

You can click on the column header to sort the record if the data presented is not according to your sorting sequence. For example, it will sort the records by name code if you click on the name code column header of the sales invoice transaction,

What if you like to sort by name code and follow by the transaction date (two columns sorting)?

Assuming you wish to find out the sales invoices of a few customers, perform two columns sort by the customer’s name code and follow by the invoice date.

First, go to the name list (from the Show menu > Names) and highlight those customers you wish to find. Then, click on the Related button at the icon bar to search for the related transactions.

Find the related transactions.
Related transactions

The records will show in the sales invoice transaction list if you have selected the Sales Invoices option from the Show in View field of the related function.

Rearrange the columns, and add or remove them using the Customise List View function from the Edit menu. Once arranged, you can sort the data.

To sort the sales invoice by the name and then followed by the transaction date, you click the transaction date column header (the minor) first, and then press and hold the option key on Mac (or Shift key for the Window) and follow by clicking the column header of the name code (the major). That’s it.

Sort transaction list
Sort transaction list

Next, click the List button at the icon bar to print (or export the data to a spreadsheet) the sorted list. Check the Subtotal by Name checkbox (the major) from the List printing window if you wish to subtotal the invoices of each customer.

Print transaction list
Print transaction list

Instead of customising reports, the List view is a quick way to search and gather the data.

Transaction list report
transaction list report

Alternatively, you can export the list to a spreadsheet and use a pivot table, filter, or chart function to create your reports.