TreezSoft update on SST, as of 1st September 2018.
On 1st of September 2018, Sales and Service Tax (SST) will be officially launched to replace Goods and Service Tax (GST) in Malaysia.
One important thing to be highlighted is that TreezSoft will still cater for both GST and SST in our system so that you can easily access or issue any back dated records. TreezSoft being SST Ready, we have made some enhancement in our system to cater for the changes in tax system:
Enabling SST function
1) Similar to how we cater for GST, you just simply need to enter your SST information (e.g. registration number, commence date, etc) and "Verify" them by clicking a button we have prepared for you.
2) TreezSoft will automatically include some new accounts (SST related) in your Charts of Account, new tax code and new preferences setting to cater for double entry for SST, while keeping features for GST. You won't have to do anything to the system.
Stock/item prices
1) Same as how we cater for transition period of GST 6% to 0%, we will provide an option to our client to update their stock tax code by batches. You can easily update the default tax code for your stock item in the stock list. You can change each of the item's tax code in just one screen and update them all at once.
Daily operation
1) When you've done setting up your SST information in our system, all the relevant information will be shown on your invoice printout automatically.
2) SST is accounted for differently. One is on accrual basis, the latter is on payment basis. You just have to issue the invoices and record payment made or received accordingly.
SST returns and reports
As nothing has been confirmed about the proposed SST. Therefore, we will update these features in TreezSoft soon after confirmation.
Stay Tuned...
For detailed guideline on how to set up your SST features in TreezSoft, kindly follow the link below:
For more information on how TreezSoft handles SST, visit these links:
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.
Visit TreezSoft at http://www.treezsoft.com/ to sign up for a 30 days trial account with us!
You can also email us at [email protected] for more enquiries