On 19th July 2018, the Custom Department in Malaysia published the proposed framework for SST that is to be commenced on 1st September 2018. SST is sales and service tax, which comprises of two separate tax act - The Sales Tax Act and Service Tax Act. Here are some of the of the areas that TreezSoft will be getting our clients ready for the implementation of SST.
Ensures smooth transition from GST to SST
TreezSoft cloud accounting software is ever ready for SST. We always ensure smooth accounting experience for our users including smooth transition from GST to SST. Our effort is evident in the transition of GST 6% to GST 0%. We allow our users to easily update all their dafault stock tax codes that are set for each item by just clicking on one button. Our client also have the option on when they would like to update their stock item tax code, or request our support team to help with the updates.
While you can't change the fact that the government is changing the tax system from GST to SST, you have the absolute power to choose a smooth transition from GST to SST with TreezSoft. All our updates and support is FREE for all our clients. Why pay more to other accounting software for updates?
Supports both GST and SST
When getting ready for SST, TreezSoft will keep all your previous records as usual. We will store all your previous GST related records as usual, so that you can still key-in your back-dated records or claim your GST returns and bad debts as usual after 1st September 2018.
Automation on Service Tax double entries - payment basis
According to the newly proposed SST framework, service tax will be on payment basis while sales tax is on accrual basis. Meaning, for service tax, tax charges will only be accounted for when a payment is made, while for sales tax, tax charges will be accounted for when an invoice is issued.
TreezSoft noted the difference and it's possible impact on our clients. Therefore, with series of integration and automation processes, we will design TreezSoft to automatically detect the service tax and only account the tax charges when payment is made as how the newly proposed SST framework suggested.
Automation for Bad Debt Relief and Bad Debt Recover
Using the processes mentioned on previous paragraph, TreezSoft will also automatically capture bad debt relief and recovery for all our clients. A warning message will be shown to inform/remind you that you have bad debts that need to be accounted for when declaring GST.
Simple and easy SST submission
What’s more? Treezsoft will be able to calculate SST Payable and allow simple and easy retrieval for transaction sales listings according to the new SST format. Amount of SST payable and transaction sales listings will be required by SST registered personnel when submitting SST.
With TreezSoft, you do not have to calculate or compile those required documents and information at all. You can easily retrieve them by just a few clicks. Besides, the series of automation and integration processes used in TreezSoft will ensure you that all your information retrieved will be accurate at anytime, anywhere. This is because those processes were used to ensure all the data are up-to-date and accurate at all time.
You can visit these links to read more about SST 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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