Rounding adjustment mechanism in Treezsoft
Treezsoft supports rounding adjustment in cash sales and POS. All invoice and purchase documents does not support rouding adjustment.
Example: Cash Sales
- Amount = 202.00
- GST = 12.12
- Total = 214.12
- Rounding = -0.02
- Rounded amount will enter rounding adjustment account
- Total Payable = 214.10
When insert into Treezsoft:
- Amount = 201.98
- GST = 12.12
- Total = 214.10
Note: GST amount on cash sales and insert into Treezsoft has to be the same amount
Rounding adjustment in GST
In reviewing the requirement from JKDM, any calculation or record should be as detailed as possible to aim for correctness and accuracy. Therefore, we handle the GST calculation by detailed lines. Meaning, amount will be rounded then only totaled. This is in-line with the GST Audit File (GAF) which is detailed by line. It may be a line of item in the invoice or a line in your receipt.
Why in the detailed line? The key reason is that the particular transaction line should be able to stand by itself and be correct, and not adjusted because it is part of a total invoice. What happens if subsequently other items are removed or recalculated? Thence it will deem the current line inaccurate.
You can read more on GST modules in TreezSoft by visiting 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.
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