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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.
Download a trial to test drive Moneyworks or book a demo to find out more.