• EH Lim

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 first update the new Business Code in the Category 4 field of the debtor profile, so to allow the new GST Form 03 report to pick up the new Business Code from the Name.Category4 field. For example, your customer is a manufacturer of the leather footwear, you enter "15110" in the Category 4 of the debtor name.

MoneyWorks will analysis the sales transactions, which have a GST code tagged, and summarized the top 5 industries you sold to during the GST cycle and leave the others at the REST section of the Box 19.

#MalaysiaGST #gst #MoneyWorks #Macaccountingsoftware

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