Tax Code Maintenance
Tax Code Maintenance
Tax Type Maintenance is where user able to Create new, Edit and Delete tax code in the system.
Go to GST > Tax Code Maintenance
Creating New Tax Code
To create new tax code, just click on the New button and fill in the required information on the prompted dialog box. For MYR or SGD tax currency, please refer to Configure Malaysia GST and Configure IRAS GST for setup.
Tax Code: Name of the tax code, must be unique among all tax codes.
Active: To indicate whether this tax code is enabled and can be selected in transaction.
Default: To indicate whether this tax code is default tax code in the system. User can set 1 default tax code for supply and 1 default tax code for purchase.
Tax Account No.: Tax account for posting purpose. Zero-rated tax code(s) do not need to fill in this.
Zero Rate: To indicate whether this tax code is a zero-rated tax code.
Use Transaction Account No. for Posting: Option to post unclaimable amount to the account selected instead of Tax Account No.
Description: Define the description of this tax code.
Tax Percentage: Define the tax percentage of this tax code.
Sales/Purchase: Define tax code belong to Sales or Purchase. This will determine the tax code can be selected from Sales or Purchase transactions.
Govt. Tax Code: Define government tax code to map against system tax code. Currently only support for Malaysia and Singapore government tax code.
Configure Malaysia GST
This is a special function designed for MYR currency account book. Account book with tax reporting currency MYR can only access this function. The purpose of this function is to provide an easy walkthrough for user to setup their tax codes.
Step by step guide on Configure Malaysia GST setup:
1.Click on the button Configure Malaysia GST to start setting up tax codes.
2.A tax code wizard will appear to guide user step by step. It will ask user some simple questions to determine the behaviour of their business to setup the tax codes. Click next to start.
3.The system will first ask some Sales Product’s tax codes. User just need to provide the answer YES or NO. Click next to proceed when done.
4.Next, the system will then ask information on imported goods and services. Click next to proceed when done.
5.After that, system will ask information on GST related accounts. We recommend user for this section to answer YES to all the questions being asked. Click next to proceed when done.
6.Finally, you had completed the Tax Code Wizard. Click Finish to end this wizard.
7.After clicking finish, there will be a configure Malaysia GST screen appear. This screen will show the summary of proposed GL accounts, input tax and output tax to be enabled. Click Save once confirm to generate these GL accounts and tax codes. The system will also help to setup GST Settings.
Configure Malaysia GST screen
In the Configure Malaysia GST screen, you can find 3 tabs – Proposed GST Account, Input Tax and Output Tax. User can perform changes such as changing account no., enable or disable tax codes etc. at this screen. Proposed GST Account Tab