GST payment and refund
A taxable person needs to pay GST on his sales when customers make payment (output tax, GST payment). On the other hand, the taxable person also can claim back GST on his purchaes when he has made payment to his suppliers (input tax, GST refund).
GST payment and refund in TreezSoft
TreezSoft cloud accounting will automatically calculate all GST payments needed and refund claimable for your company. You can easily generate required reports for these processes in our system.
When you have paid GST to Royal Malaysian Customs Department (RMCD), or received GST refund from customs after submitted GST-03, you will have to record the payment or refund in Treezsoft as well.
Please ensure you have submitted GST Return in Treezsoft and verified the journal entry is auto generated before performing the following steps.
To record payment for GST to the Royal Custom
Navigate through: Banking > Cash Payment and click on 'New Cash Payment' to create new record.
Then, follow the steps below:
1. Select an account at the 'Pay From' box and fill in relevant information.
2. Select GST Clearning account (the default account no. from our system is 9999/000)
3. Enter the amount paid to RMCD.
4. Save.
To record GST Refund claims from the Royal Custom
Navigate through: Banking > Cash Receipt and click on 'New Cash Receipt' to create new record.
Then follow the following steps:
1. Select an account at the 'Deposit to' box and fill in relevant information.
2. Select GST Clearning account (the default account no. from our system is 9999/000)
3. Enter the amount received from RMCD.
4. Save.
Continue reading for GST:
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