#malaysiagst

EH Lim

May 17, 2018
1 min

Malaysia scrapping GST from June 2018

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? Unlike some other software which requires you to create a new GST code to cater for the rate change, MoneyWorks allows you to set a new GST rate at a specified changeover date within the tax code profile. First, change the default tax rate (Rate 2)

7 views0 comments

EH Lim

Nov 2, 2015
1 min

Update on Malaysia GST Form-03 report

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. The Box 19 uses the information from the "Category 4" field of the name profile to analysis the Sales transactions, which have an Output Tax, related to the name. Therefore, you have to

29 views0 comments

Showing the GST amount in Singapore Dollars equivalent

EH Lim

Oct 20, 2015
1 min

Showing the GST amount in Singapore Dollars equivalent

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 in Singapore Dollars equivalent. The Transaction.ExchangeRate field shows the exchange rate used of a posted Sales Invoice transaction. For unposted Sales Invoice

29 views0 comments

EH Lim

Sep 2, 2015
1 min

Print Statement

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. #Statements #MoneyWorks #accountingsoftwaresingapore #MalaysiaGST

16 views0 comments

How to print a GST Report from MoneyWorks accounting software?

EH Lim

Aug 14, 2015
2 min

How to print a GST Report from 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 once the GST has finalised, the transactions which have been finalised will not be printed again in the following GST Cycle. After finalised the GST (Example: January to March), if you recorded a transaction into the fina

17 views0 comments

How to record the GST paid on behalf of a customer?

EH Lim

Jul 19, 2015
1 min

How to record the GST paid on behalf of a customer?

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 On Behalf" in our example) to capture the GST paid on behalf of the customer. Use a Payment transaction to record the payment made to the Custom for the GST paid on behalf. This payment transaction will deb

529 views0 comments

EH Lim

Jun 23, 2015
1 min

The Date Format

The “Date” show on your Window Desktop (lower right corner of the desktop) is formatted as DD/MMM/YYYY (example: 12 June, 2015), but the date printed on the MoneyWorks report shown as MM/DD/YY (example: 7/14/15). MoneyWorks follows the date format set on the computer. The difference between the desktop and the reporting date format is due to the date formatting of your computer. This could be due to the desktop is using the long date format while the MoneyWorks accounting sof

269 views0 comments

EH Lim

Jun 11, 2015
1 min

Process multiple orders

MoneyWorks allows user to do a batch process of multiple orders to invoices. That is, if you have multiple Sales Order and would like to process the invoices in batches instead of processing the order one at a time. This method helps in cutting down the processing time needed. Highlight the Sales Orders from the transaction list, then click the “Ship” button (or go to the Command menu and select the “Ship Order” function) to start processing the orders. #SalesOrder #MalaysiaG

25 views0 comments

How to clear off an overpayment from a debtor?

EH Lim

May 26, 2015
1 min

How to clear off an overpayment from a debtor?

Overpayment: When payment received from a debtor is greater than the amount owed. Assume you have an outstanding Sales Invoice of $286.92. The Customer sends you a payment of $286.95 to offset against the invoice owed. Since the payment received is greater than the outstanding, you recorded it with an overpayment of $0.03. You have three options in managing the overpayment; issue a refund of $0.03 to the customer, hold it and knock it off against other outstanding invoice fro

261 views0 comments

EH Lim

Apr 10, 2015
2 min

Non-Claimable GST

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 is a current asset, which will be claimed at the end of the GST cycle. However, some of the goods and services purchased, such as Medical expense, may be classified as a “Non-Clai

324 views0 comments

EH Lim

Mar 16, 2015
1 min

GST information from Royal Malaysian Customs Department

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 #Malaysia #accountingsoftware

9 views0 comments

EH Lim

Mar 2, 2015
1 min

Malaysia GST - change of localisation

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 Audit File (Malaysia)” reports will be automatically added to the “Reports” menu. You may have t

14 views0 comments

EH Lim

Mar 1, 2015
1 min

Malaysia GST (Goods and Services Tax)

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 File (Malaysia)" will be created for assisting in the filing of GST return. You may contact us for a demo over the web to have a better understanding o

47 views0 comments