Scenario: Sometime, you might have your own billing system and will post the total sales and corresponding GST into Treezsoft cloud accounting as Journal Entry.
Below is the sample the records in Journal Entry, with total sales amount RM 10,000.05 and GST RM 600.00.
When this Journal Entry being picked up by GST-03, system will detect the GST RM 600.00 and perform reverse calculation to find out corresponding sales amount.
The reason of reverse calculation is because GST-03 won’t know that RM 5,000.05 (Sales of Jan 2016 (product)) and RM 5,000.00 (Sales of Jan 2016 (service)) is the contributor of GST, from the posted Journal Entry.
Thus, after reverse calculation (RM600.00 / 6 * 100), GST-03 will show total sales as RM 10,000.00, which have 5 cent different from the Journal Entry.
Please note that this doesn’t affect the GST that you shall report to Customs, as GST-03 still showing RM 600.00 of GST.
You can visit these links to read more about GST in TreezSoft:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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