MYOB GST PREPARATION GUIDE. (For Existing MYOB Accounting and MYOB Premier Users).

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1 MYOB GST PREPARATION GUIDE (For Existing MYOB Accounting and MYOB Premier Users).

2 Table of Contents Part 1 Preparation for GST (Before GST Implementation) 3 Importing GST Tax Codes into your data file 3 Only applicable to Accounting v19 and Premier v13 AND BELOW. Editing Tax Codes SR and TX 8 Managing Your Chart of Accounts 9 Managing Your Company Information 10 Setting Up Default Tax Codes for Customers and Suppliers 11 Managing Inventory Information 12 Managing Your Invoice 13 Part 2 This section is related to managing transactions in MYOB 14 when GST is implemented come 1st April Managing Transactions and Forms with GST 14 Bad Debt Relief 15 GST Related Reports 15 Online GST 3 Submission 16 GAF - GST Audit File 17 2

3 Part 1 Preparation for GST (Before GST Implementation) Note: MYOB strongly recommends familiarization with the new GST features & government requirements that will take effect from 1 April The following steps are to assist you prepare your company (data) file for GST while allowing you record and maintain your accounts prior to GST Implementation. Importing GST Tax Codes into your data file (only applicable to Accounting v19 and Premier v13 and BELOW) Note: If you are on Accounting v20/premier v15, SKIP this step, and start at step 7. To import in your GST tax codes please follow instructions below: 1. Back up existing company file. 2. Use your current file to continue with the steps given below 3. Create new account code list for Link account for GST tax codes and Bad debt relief Go to Account > Account List > New Header Account Liabilities 3

4 Detail Account Output Tax Input Tax Bad Debt Relief Bad Debts Recovered Bad Debt Suspense GST Not Claimable 4. Go to Premier v 16 / Accounting v 21 icon, login to the Clearwater sample file in Premier/Accounting to Export the GST tax code 4

5 5. Export the GST tax codes from the Clearwater sample file Click File on your menu bar> Export Data > Tax Code List >Non Consolidated 5

6 6. Open your company file, import in the GST tax codes Go to File > Import Data > Tax Code List > Non-Consolidated Codes Click Continue 6

7 6. Open your company file, import in the GST tax codes Go to File > Import Data > Tax Code List > Non-Consolidated Codes Click Continue In the next screen (as per below), select the NONCONTAXCODE.TXT that you saved (in step 5) in your Desktop, and click Open button 7

8 In the next screen, click Match All > Import > Press OK once completed Once the GST tax code is imported, click List on the menu bar and choose Tax Code These next steps is applicable to all customers on Accounting 20 and Premier 15 and BELOW. Editing Tax Codes SR and TX 7. Edit 2 tax codes SR and TX GST is only being charged starting from 1 April The default is set at GST6%. Please edit it to 0 % for now and change it back to 6% on 1 April Go to List > Tax Code > select SR or TX, change the rate to 0% and GST code link to Blank 8

9 Managing Your Chart of Accounts 8. Link account set up for tax codes : Upon import in, tax codes will be automatically linked to the Output and Input Tax Go to List > Tax Code to verify the link account for the GST Tax Code Linked Accounts for Tax Collected To your Output Tax Account Linked Accounts for Tax Paid To your Input Tax Account 9. Link account for bad debts. User is required to set up link account for Bad debts as following: GST Bad Debt Relief Account linked to GST Bad Debt Recover Account linked to GST Bad Debt Suspense Account linked to Go to Set up > Link Account > Accounts & Banking Accounts Note: GST Account for Bad Debts and Tourist GST Refund is for future expansion thus user can leave it blank. 9

10 Managing Your Company Information 10. Set up company information for GST User is required to enter the GST Number for Company, Customer, Supplier. Ensure the GST Number is displayed in Tax Invoice, CN & DN. Do not key in Registration date until further notification for MYOB or Royal Malaysian Customs Department (RMCD). Go to Set up > Company Information 10

11 Setting Up Default Tax Codes for Customers and Suppliers 11. Set up Customer card file with GST information as following: Go to Card file > Card List > Customer > Double click on the customer s name > Selling Details. If you are recording Sales using Services Invoice, please assign the GST tax code to every customer. Note: If you are using inventory module, all inventoried items have to be assigned to GST Tax code under Buying Detail and Selling Detail, if you do not want to overwrite it with other tax code. If you want to assign a different Tax Code from your inventory then in the Customer Card selling detail screen, tick Use Customer Tax Code. This would supersede Tax Code set in inventory. 12. Set up Supplier card file with GST information as following: Go to Card file > Card List >Supplier > Double click on the Supplier s name > Buying Details If you are recording Purchases using Services format of Bill, please assign the GST tax code to every supplier. 11

12 Managing Inventory Information 13. Set up Inventory Item for sales (selling details), assign the Inventory Item to the related GST Tax Code. Go to Inventory > Item List > Double click on the Item Number > Selling Details 14. Set up Inventory Item for purchases (buying details), assign the Inventory Item to the related GST Tax Code Go to Inventory > Item List > Double click on the Item Number > Buying Details 12

13 Managing your Invoices The existing forms in your FORMs folder found in your Program Folder are all design for GST usage. You will begin to use these new Tax forms upon GST implementation which is on the 1st of April It is advised that you customize these forms to suit your company format now. 1. Open the FORMS folder found in your Accounting21/Premier The new GST forms can be customized with company logo etc. We recommend that the new forms to be SAVED with GST prefix e.g GST _ <form name>. GST forms can be found below. Ensure you click FORM SAVE AS and save the form names accordingly along with company logo etc. Services Invoice a. C_INV_SER Services format Tax Invoice b. C_INV_CN_SER Services format Credit Note c. C_FOREIGN_CUI Foreign Currency Services Tax Invoice d. C_FOREIGN_CU Foreign Currency Service Credit Note Item Invoice a. C_INV_ITM Item format Tax invoice b. MYOB Premier s Plain Paper Invoice Item format Tax Invoice with a summary total of Zero rated, Standard rated and others.(if you do sell mix supply) c. C_INV_CN_ITM Item format Credit Note d. C_FOREIGN_CUI Foreign Currency item format Tax Invoice e. C_FOREIGN_CU Foreign Currency item format Credit Note. 3. Revert back to your Accounting20/Premier 15 program folder. Click on your Forms Folder and Copy all the necessary existing company designed forms into your Accounting21/Premier 16 forms folder. Please use these forms until March 31st

14 Part 2 This section is related to managing transactions in MYOB when GST is implemented in Malaysia (1st April 2015). Managing Transactions and Forms with GST 1. Set your SR and TX Codes to 6% 2. Enter transactions for sales & purchases and assign the related GST Tax code to the transactions. 3. View / print Tax Invoice based on government requirement using Tax Invoice Format. Use the GST _ <form name> as advised in the previous section, Example GST_ C_INV_ITM Item format Tax invoice and so on. 4. If your transaction involves the use of foreign currency, enter data with different currencies. 5. View / print Tax Invoice in foreign currency - new format forms based on government requirement. A new column is added to show your local equivalent on this invoice. 14

15 Bad Debts Relief. This feature helps you manage GST relief provided by RMCD with relations to outstanding debts beyond 180 days aging. You can select bad debt relief adjustment to view list of invoices due as well as those more than 180 days. Use this feature to claim your GST back from RMCD. this feature to claim your GST back from RMCD. Go to Sales > Bad Relief Adjust Adjustment GST Related Reports Use these reports to review your GST submission details. View GST-3 summary & GST-3 detail report as a reference to fill up Custom G-03 form Go to Report > Index to report > GST/Sales Tax > 15

16 Monthly and quarterly reporting to RMCD should be submitted before the last day of the following month. GST-3 Detail Report can help you to view a listing of transaction with their respective tax code. Online Submission of GST 3 Form to Customs via Taxpayer Access Point (TAP) You can now generate a GST 3 text file that can be uploaded to Royal Malaysian Customs Department s Taxpayer Access Point (TAP) portal. This enables you to declare your tax information monthly or quarterly online. To generate this text file, open the Index to Reports window and select GST/ Sales Tax > GST 3 [Summary]. Click Customise to select your reporting frequency and period, and then click Send To > Tab-Delimited Text File to save the file. 16

17 GAF GST Audit File From time to time custom might want to perform audit to you account. A GAF file can be created. Go to Account screen click Generate GAF button. 17

18 Custom will inform the period for the audit. Key in the date From and To to save click Disk then save this file to your Custom report folder. Note: Once you are familiar with the entire GST process as above, it s time to ensure that you have all the Forms such as Invoice, Credit Note and Debit Note customize with your company logo or with the same design as you have now. Please ensure you are on Business Support to get the right GST Transition directions from us in the coming months of We will make sure you get the relevant updates. 18

GST ELECTRONIC SERVICES TAXPAYER ACCESS POINT (TAP) HANDBOOK ROYAL MALAYSIAN CUSTOMS DEPARTMENT (RMCD)

GST ELECTRONIC SERVICES TAXPAYER ACCESS POINT (TAP) HANDBOOK ROYAL MALAYSIAN CUSTOMS DEPARTMENT (RMCD) INTRODUCTION Royal Malaysian Customs Department (RMCD) What is TAP (Taxpayer Access Point)? An electronic