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?

Software: MoneyWorks accounting software Cognito has updated the Malaysia GST Form 03 report in MoneyWorks version 7.3. The new update includes a new Box 19 for the breakdown value of Output Tax in accordance with the Malaysia new Business Code. The Box 19 consists of three columns: MISC Code, Value of Output Tax, and the Percentage. […]

Software: MoneyWorks accounting software GST (Goods and Services Tax) applies when you supply goods and services locally, even if you invoiced the customer in foreign currency. Besides, for the foreign currency invoices, you are required to show the total amount payable excluding tax, the GST rate, GST amount, and the total amount including tax separately […]

Software: MoneyWorks accounting software Refer to MoneyWorks v7 User Guide, Page 201, “GST, VAT, Sales Tax & Tax Codes”. The GST report can be printed from the Reports menu | GST Report. As an audit control, the current GST Cycle has to be finalised before you can move on to the next GST Cycle; and […]

Software: MoneyWorks accounting software The GST paid on behalf of your customer to the Custom for the goods imported (usually happened in logistic business) are not your expenses nor your tax liability since you are not the owner of the goods imported. You may use a Current Asset account (we name it as “GST Paid […]