With a GST Compliant Accounting Software, you will be able submit you GST form accurately and on time to facilitate with the total amount payable or claimable from your local authorities. Timely submission and payments will protect you from unnecessary penalties or even excessive fine.
A GST Compliant Accounting Software will have the following basic features:
1. GST submission period
In Malaysia, most companies are required to submit their GST forms quarterly, and there are some whom are required to do their submission monthly depending on the sales revenue of each company. A GST compliant Accounting Software allows you to maintain your submission periods for each company, be it quarterly or monthly.
2. List of Tax Codes
There are different tax codes used for different types of supply and purchases. These tax codes are updated regularly and tax rates may change over time. A GST compliant Accounting Software will provide you with the updated tax codes or allow you to make changes when necessary.
3. Setting Default Tax Codes
As mentioned earlier, you may be required to select different tax codes when doing a particular transaction due to your nature of business. A GST compliant Accounting Software will allow you to prefix default tax codes on your frequently used Chart of Accounts, debtor/creditors and product codes. This will ensure that human error will be minimized and ensuring accurate presentation on your documents or reports.
4. Tax Invoice
With a GST Compliant Accounting Software, you will be able to print tax invoices that clearly states the sales and tax amount. For some industries where there are mix supplies involved, your tax invoice will be able to show you the breakdown or summary of the taxable or non-taxable supplies.
5. GST Reports
Before your submission, you will be able to print out reports of transactions involving GST. You will be able to know the details of every transaction and how these transactions form the basis of how much you have to pay or claim. For some countries, a GST report must be produced by the Software.
With the above basic features, you will be able to submit your GST obligations with ease. With a GST compliant Accounting Software, you will be able to save precious time and help your businesses avoid costly mistakes compared to when you are preparing it manually.
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