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 If you prefer to send the Statement to a few customers instead of all the customers in the debtors list, you can do it by highlighting the debtors from the Names list, then prints the Statement from the Command menu. Reference: MoneyWorks v7 User Guide, page 143, Printing and emailing Statements.

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 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 […]

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