You should not amend the existing transactions once the rate has changed to prevent QuickBooks from recalculating the GST base on the new GST rate…

Malaysia new government has decided to scrap GST (Goods and Services Tax) from June 2018; the standard rated GST is going to reduce from the 6% to 0%. What are those setting which you need to change in MoneyWorks accounting system?

For purchases made from a GST register trader in foreign currencies, the supplier has to reflect the GST payable on the invoice in Singapore dollars with an approved exchange rate. You, the buyer, should claim input tax based on Singapore dollar amounts shown on the tax invoice instead of conversion based on your in-house exchange rate.

GST register trader who supplies goods in foreign currency instead of Singapore dollar has to indicate the Singapore dollar equivalent GST amount on the invoice. The buyer who received the Bill has to record it based on the exchange rate stated in the Bill instead of the in-house exchange rate set in the accounting systems.

Software: MoneyWorks #accounting software By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically. However, due to rounding differences, the GST amount on the bill you […]

Software: MoneyWorks #accounting software The three Tax Types available in MoneyWorks are G.S.T. or V.A.T., Sales Tax and Composite Tax. Different country has a different tax requirement, example, Singapore and Malaysia are using “G.S.T. or V.A.T.” whereas United State uses “Sales Tax”. Unlike Sales Tax which only has a Tax Received account, the “G.S.T. or […]