Malaysia is implementing Goods & services tax (GST) on 1st April 2015. GST is governed by :
- type of supply
- time of supply
- place of supply
- scope of GST
- mechanism of GST
- the prerequisites of claiming input tax credit
- Input tax, blocked input tax and other dis-allowable input tax
- How to account for output tax?
- How to account for input tax?
- how to account for output tax adjustments?
- how to account for input tax adjustments?
- How to compute GST Return correctly
- Transitional issue
Account personnel must also understand how to do accounting entries and record correct amount and gst value for different supply. Failure to apply GST knowledge will lead to wrong computation of GST payable or claimable in your GST return and non-compliance of GST Rule and Regulation will be costly.
GSTBOOKTM and e-cashbook template
GSTBookTM was designed by a small business owner, MOF licensed tax agent and Chartered accountant through his intellect mind. It is simple, professional, and GST free solution on return and bookkeeping. In contrast to other accounting software; training, upgrade and support software for GSTBookTM is not needed and don’t require tax code familiarization as well. This is an Excel software with GST formula applied, it specifies the inflow and outflow of bank and cash transactions. The sales and purchase invoice should be recorded to post the GST amount. As we are used to Microsoft excel, Google spreadsheet and open office we only cut and paste for the calculation that has been done ready to us by the GSTBookTM.
We spent about 80 hours of accountant time to develop the template. We appreciate a small donation of USD19.99 before to download the free template. The amount is like a cost of a book purchased.
Your contribution will help us to improve the template and keep the GSTBookTM up to date with GST regulation.
Download e-cashbook with payment basis of GST computation (USD9.99)
Download both e-cashbook (payment basis) and GSTBOOKTM (invoice basis) (USD19.99)
Please check out screenshot of GSTBOOKTM excel worksheet on following pages below
- Receipt summary
- Payment summary
- Purchase credit and debts summary
- Sales credit and bad debts summary
- Bank reconciliation
- Cash reconciliation
- GST summary
- GST return report
- Income & Expenses report
- How to donate and download the template?