Software: MoneyWorks accounting software GST (Goods and Services Tax) is not an expense nor an income. The tax amount received (Output tax) from the supply of goods and services is a current liability, which you need to pay to the government at the end of the GST cycle. Whereas the tax paid (Input) during the purchase of goods and services […]

Software: Intuit QuickBooks accounting software The Tax Detail Report in the Intuit QuickBooks accounting software consist of four parts; they are the Sales, Purchase, Tax on Sales, and Tax on Purchases. The default Tax Detail report is inclusive of the non-taxable journal transaction (such as depreciation and payroll) in the purchases section of the report, […]

Malaysia will be implementing GST by April 2015, here are some useful GST information from the Royal Malaysian Customs Department: About GST Why GST? How does GST work? GST Impact Shoppers Guide   #MalaysiaGST  

Software: MoneyWorks accounting software If you have been using the MoneyWorks accounting software before the localisation of “Malaysia GST”, you can change the setting from the “Document Preferences”. From the “Edit” menu, select the “Document Preferences”, then change the “Localisation” setting at the “Locale/Currency” tab. After localisation had changed to [Malaysia G.S.T.], both the “GST-03 Guide (Malaysia)” and “GST […]

Software: MoneyWorks accounting software If you are a GST registered company in Malaysia, you need to set the  localisation as “Malaysia [G.S.T.]”. Once the “Localisation” has changed to “Malaysia [G.S.T.]”, MoneyWorks will create a set of Malaysia GST code with the current GST rate. Besides, under the “Reports” menu, both the “GST-03 Guide (Malaysia)” and “GST Audit […]

Software: MoneyWorks #accounting software A new GST Form 5, v1.0.9, was included in the MoneyWorks accounting software update (v7.1.7). The new GST Form 5 includes the realised exchange gain/loss (exempt supplies) in the Box 3 of the GST Form 5. Ask IRAS: Q: Must I report exchange gains/losses in the GST return? A: Yes, You […]