Software Upgrade GST Standard-Rated 6% to 0%

Transcription

1 Software Upgrade GST Standard-Rated 6% to 0% [Optimum] [1.0] Roseanne Lee [24/5/2018]

2 Doc No : 1 Page No: 1 of 10 REV. No Nature of Change Prepared By Prepared Date Reviewed & Approved by 1.0 Article Created Roseanne Lee 24/5/ Article Amended Siti 25/05/2018 Amendment Record 1

3 Doc No : 1 Page No: 2 of 10 SCENARIO All supplies of goods and services which are now subject to GST at standard-rated 6% will becomes 0% effective on 01 June 2018 An exempt supply of goods or services will still remain exempt. It does not change Registered person is still required to submit GST-03 until further notice. Sales & Purchase of goods / services at 0% from 01 June 2018 is to be declared in column 5a & 6a respectively. Question: How do I preset Standard-Rated as 0% in QNE Software? SOLUTION With this latest version ( and onward), QNE Software has created a GST time table to allow users to define which tax code and tax rate to be used before and after 01/06/2018 to ensure that transactions previously posted won't be affected by the new tax rate 0%, whether it is due to human error or not. 1. In the login screen, click on the online button enter password OK. Continue the upgrade by clicking ok, next button to complete the upgrade For details please refer to this step (Public Version) For details please refer to this step (Dev version) 2

4 Doc No : 1 Page No: 3 of When login system prompts Database upgrade, click the button for upgrade 3. After upgrading is done, once login to the database it will prompt Tax Code Update Wizard Click create tax code ok. A new tax code of SR-0% & TX-0% is created 3

5 Continue to create Tax Code TX-0% for input tax purpose Doc No : 1 Page No: 4 of SR-0% & TX-0% will automatically created in system. You need to assign posting account for this 2 new tax codes in order to use others GST function eg: GST K1, Free Gift Go to GST Tax Codes Search eg : select SR-0% & assign GST account code for output tax. Note: Due to different user will have different GL account code for step 4, you just need to choose GST Output Tax according to your chart of account 4

6 5. Do the same thing for TX-0% as well to change the posting account Doc No : 1 Page No: 5 of 10 Note: Due to different user will have different GL account code for step 5, you just need to choose GST Input Tax according to your chart of account 6. The GST time table is created under GST module GST Settings Namely Default Tax Code by Period In this time table, QNE Software has already set up a period from 1/6/2018 to define Input Tax as TX-0% and Output tax as SR-0% 5

7 Doc No : 1 Page No: 6 of Example, for any standard-rate item selected, system will show as TX-0% in Input Tax transaction Sample Transaction in Purchase Invoice In Purchase Invoice format, it will display 0% in the tax column 6

8 Doc No : 1 Page No: 7 of Let say if you received a late purchase invoice dated as 1/5/2018 on June 2018, if the document date is 1/6/2018 before, for any item selected it will show as TX6 automatically. System will base on the input of Document date to decide the correct tax code to be used 9. If you issue a transaction from 1/6/2018 onward, for any standard-rate item selected, system will show as SR-0% in Output Tax transaction Sample in Sales Invoice 7

9 In Tax Invoice format, it will display 0% in the tax column Doc No : 1 Page No: 8 of 10 GST registered person are still required to submit GST-03. When you generate Tax Return from 1/6/2018, the taxable amount will display taxable amount in item 5a and there is no GST output tax for 5b 8

10 Doc No : 1 Page No: 9 of 10 Input tax value is shown in 6a column and 6b is empty 10. For users who are using K1 entry, the software is ready to select tax code TX-0% 9

11 11. For users who are using Free Gift Journal, Tax code SR-0% is ready to select Doc No : 1 Page No: 10 of Question - 1 Q: I have sold goods and have issued a tax invoice on 01 May The item was returned by the buyer on 30 June Should credit note be issued at a standard rate of 6% or a standard rate of 0%? A: Credit note should be issued at 6% because it relates to a tax invoice that was issued on 01 May QNE Software: Change Tax Code to SR in the Transaction When you create an invoice after 1/6/2018, the item you selected will automatically show tax code SR-0%, but you still can click on the drop down button in the Tax Code column and select for tax code SR 10

12 Doc No : 1 Page No: 11 of 10 Question -2 Q: The company has supplied goods / services before 01 June Tax invoices will be issued within 21 days from the date of supply of goods / services performed. What is the GST treatment applicable to the supply? A: GST should be charged at 6%. QNE Software: DO with GST SR 6% Transfer to Tax Invoice will still Remain as SR 6% if the Delivery order is created before June 2018 with Standard-Rated 6% (Tax Code SR) When you transfer Delivery Order to Invoice on 1/6/2018 onward, system will still remain the tax code as SR 11