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Notice: MYOB has been re-branded as ABSS with effect from 1st Jan 2018.

GST features in MYOB

With the release of MYOB Accounting v20 and MYOB Premier v15, MYOB is now fully compliant with Malaysian GST requirements.

Accounting for GST can be administratively complex and complicated. But, with the right accounting software, you can reduce the burden of complying with GST requirements. In fact, with a GST compliant accounting software like MYOB, the transition to GST is relatively painless.

Features introduced in MYOB's GST compliant version makes it easy for you to manage accounting for GST

GST features in
MYOB Accounting v20
MYOB Premier v15

New features were introduced in the latest versions of MYOB Accounting and MYOB Premier to comply with the requirements of Jabatan Kastam Di Raja Malaysia for GST Accounting.

Malaysian GST codes

MYOB has by default incorporated 29 Malaysian GST codes along with their rates so that the system can process the right values for the relevant transactions.

MYOB GST Tax Codes List

Tax Forms

All required fields as per Customs Malaysia regulations have now been included into the form section of the MYOB software. MYOB makes it easy for you to generate Tax Invoice, Credit Notes, Delivery Orders and Receipt in the stipulated formats.

Bad Debt Relief Adjustment

MYOB Sales Bad Debt Relief Adjustment

To relieve cash flow, Customs allows GST Registered companies to recover GST Paid when debts are above 180 days. This will require you to have a detailed listing of customers and invoices that are still outstanding. If you do not have GST Accounting Software to manage this information, it would be difficult to manage this process as a single invoice could have both GST taxed item as well non-GST taxed items. Furthermore these invoices may be partially paid.

Claims

MYOB Premier automates the GST claims process. All you have to do is click the “Claims” button to view and select relevant GST amounts that you want refunded.

MYOB Sales Claim Bad Debt Relief Adjustment

Recover

Should your customer subsequently pay you after 180 days, and after you have claimed bad debt relief, MYOB helps you track this. MYOB tracks all customers that have paid as well as the amount paid. All you have to do is click on Bad Debt Relief Adjustment in the Sales Command Centre, then select the Recover tab. A list of all invoices that were subsequently paid will appear here. Just select the relevant invoices and click the Recover button.

MYOB Sales Claim Bad Debt Relief Adjustment

 

To learn more about how MYOB can ease the transition to GST for your business, request a free demo and consultation by clicking here

 



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