Posted onJuly 14, 2022|Comments Off on 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.
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.
You can record the expense claim from staff manually into a Purchase Invoice, then post and reimburse them when ready. This method could be tedious and time-consuming when there are many claims to record each month.
Another method is to have the staff recording the claims on a spreadsheet template and import it into MoneyWorks regularly. This method is better as it helps reduce error during transfer.
To improve the claiming process, you can consider using MoneyWorks Mobile. It’s a free app developed by Cognito which works seamlessly with MoneyWorks Datacentre and Now (a cloud-based accounting system). Install MoneyWorks Mobile on an Apple IOS devices such as iPhone and iPad, and start recording the expenses claim. The expense claim sync into MoneyWorks once submitted. The accountant, on the other hand, will check, post and reimburse the staff when ready.
Yes, it’s that simple! Just need to enter, submit, post, and reimburse.
MoneyWorks helps lighten the accountant workload, reduces the expense claim process, and gear up small businesses toward a paperless workflow.