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The need for GST compliant accounting software

What features are required in a GST compliant accounting software?

Language:  Bahasa Malaysia  |  English

The implementation of GST will pose a challenge in the way businesses handle accounting in Malaysia. For long, the general practice has been to only think about accounting at financial year end when it becomes necessary to have the accounts audited and comply with tax and Companies Act requirements.

All that will change when GST is implemented in April 2015. GST returns will have to be submitted on a quarterly basis, and since GST impacts not just sales and purchases, but expenses as well, accounting will have to be done on a daily basis. Recording transacations as they occur would be a necessity and no longer an option.

The administrative and financial complexity of handling GST transactions makes it necessary for businesses to have a GST compliant accounting software in place when GST is implemented in April 2015

One of the most important features that makes an accounting solution GST compliant is the GST Audit File or GAF.

Jabatan Kastam will conduct audits on businesses from time to time to ensure that businesses are making correct tax declarations. It would be a common procedure for Jabatan Kastam to request for certain accounting information as part of this audit.

To add to the complexity, businesses are required to keep records for seven years, as Jabatan Kastam can request details dating back that far. Failure to provide the necessary details would result in penalties.

For businesses using manual accounting methods or accounting systems that do not have the relevant GST features, the process of extracting and reporting the required information would be time consuming and tedious.

On the other hand, with a GST compliant accounting solutions, businesses would be able to generate the GAF file "at the click of a button".

MYOB - GST approved accounting solution

MYOB Accounting version 20 and MYOB Premier version 15 have been certified by Jabatan Kastam, ref: KE.HF(121)426/05-29, as complying with, not only generating the required GAF file at any time, but also the other features necessary to ease the administrative burden of maintaining accurate accounting records for GST.

In fact, MYOB makes it easy to handle the requirements of being compliant and ensuring your business is not overly burdened administratively.

Get a first hand look at how MYOB can help you transition with ease, sign up for our free preview.

 



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