View source for GST-03 Item 12 (ES + IES) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger

<big>How to compare the Total Value of Exempt Supplies between GST-03 and Ledger?</big>


==Introduction==
:This guide will help you to check the data entry source posted for '''Item 12 Total Value of Exempt Supplies''' in '''GST-03'''. <br />
<br />
:'''1. GST Tax Code'''
::{| class="wikitable"
|-
! Tax Code !! Tax Description || Tax Rate || Explanation and examples
|-
| style="vertical-align: top;" | IES || style="vertical-align: top;" | Incidental Exempt Supplies || style="vertical-align: top;" | 0% || Incidental exempt supplies under GST legislations '''(Note: Replace ES43)'''.
Incidental Exempt Financial Services Supplies (IEFS) include:-<br />
* interest income from deposits placed with a financial institution in Malaysia
* realized foreign exchange gains or losses
|-
| style="vertical-align: top;" | ES || style="vertical-align: top;" | Exempt Supplies under GST || style="vertical-align: top;" | 0% || This refers to supplies which are EXEMPTED UNDER GST.<br />
These supply includes:-<br />
* Selling of Residential Properties to consumer
* Selling of tickets for Public Transportation (Taxis, Stage Buses, Ferries)
* Financial Institution’s interest charges to customers for loan.
|}<br />
:'''2. GST-03'''
::{| class="wikitable"
|-
! Item No. !! Description || Guidelines
|-
| style="vertical-align: top;" | 12 || style="vertical-align: top;" | Total Value of Exempt Supplies ||  '''IES + ES''' (Taxable Amount) <br /> ''Note: Net Loss in Forex (ES43)= 0.00''
|}<br />

==Example of Data Entry==
:1. IES - '''Interest income from deposits placed with a financial institution in Malaysia'''
::Screenshot below from '''Journal Entry'''.
::[[File: GST GST-03 Item12-14.jpg]]
<br />

:2. IES - '''Realized foreign exchange gains or losses'''
::a. '''Realized Gain in Foreign Exchange'''
:::Screenshot below from '''Customer Payment'''.
:::[[File: GST GST-03 Item12-15A.jpg]]
<br />

::b. '''Realized Loss in Foreign Exchange'''
:::Screenshot below from '''Customer Payment'''.
:::[[File: GST GST-03 Item12-15B.jpg]]
<br />

:3. ES - '''Financial Institution’s interest charges to customers for loan'''
::Screenshot below from '''Customer Invoice'''.
::[[File: GST GST-03 Item12-16.jpg]]
<br />

==GST-03 Item 12: Total Value of Exempt Supplies==
''[GST | Print GST-03...]''<br />

:1. For instances, the '''GST-03 Item 12''' = '''Rm62.886.40 
::[[File: GST GST-03 Item12-01.jpg]]
<br />
:2. You can check the details by double click on the amount in '''Item 12'''. 
:3. Pop-up the item 12 detail.
::[[File: GST GST-03 Item12-02.jpg]]
<br />
:4. You can insert additional column, ie. '''From Doc Type''' and '''Trans Type'''. 
::a. '''From Doc Type''' will help you to identify the documents where it posted;
::b. '''Trans Type''' will tell you the document posted from special case, eg. Realized Gain in Foreign Exchange.
::[[File: GST GST-03 Item12-03.jpg]]
<br />

 '''NOTE:'''
 Trans Type = _X, it means the posting entry related to '''Realized Gain or Loss in Foreign Exchange'''.

==Cross Check Reports==
===GST Listing===
''[GST | Print GST Listing...]''<br />
:1. Select the '''date range''' or '''GST Process'''. 
:2. You can select the tax parameter for '''ES''' and '''IES'''.
:3. Apply the '''GST Listing'''. 
::[[File: GST GST-03 Item12-04.jpg]]
<br />

::{| class="wikitable"
|-
! Tax Code !! Local Amount !! Explanation
|-
| IES || style="text-align:right;"| 5,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''IES''' 
|-
| IES || style="text-align:right;"| Gain=7,886.40 || Net realized forex gain calculated
|-
| ES || style="text-align:right;"| 50,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES'''
|-
| '''Total''' || style="text-align:right;"| '''62,886.40''' || Total value shown in '''GST-03 Item 12''' 
|}
<br />

:4. Click on each tax type, you able to view the details. See the example in the screenshot below.
::'''a. IES'''
::[[File: GST GST-03 Item12-05.jpg]]
<br />
::'''b. IES (Net Realized Forex Gain ONLY)'''
::[[File: GST GST-03 Item12-06.jpg]]
<br />
::'''c. ES'''
::[[File: GST GST-03 Item12-07.jpg]]
<br />

===GL Ledger===
''[GL | Print Ledger Report...]''<br />

====Normal Posting for ES43 & EP====
:1. In the General Ledger report, you have to insert the '''Tax''' grid column.
:2. Filter the Tax Code '''(ES and ES43)'''.
::[[File: GST GST-03 Item12-08.jpg]]
<br />
:3. Transactions related to '''ES'''. See the screenshot below.
::[[File: GST GST-03 Item12-09.jpg]]
<br />
:3. Transactions related to '''ES43'''. See the screenshot below.
::[[File: GST GST-03 Item12-10.jpg]]
<br />

====Special Posting for Net Realized Gain Forex (ES43)====
:1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''. For example,
::{| class="wikitable"
|-
! Default Account !! GL Account Code
|-
| Foreign Exchange Rate Gain Account || 530-000
|-
| Foreign Exchange Rate Loss Account || 980-000
|}
::[[File: GST GST-03 Item12-11.jpg]]
<br />
:2. Select the '''Foreign Exchange Rate Gain or Loss Account''', click '''APPLY'''.
::[[File: GST GST-03 Item12-12.jpg]]
<br />
:3. You can see the '''Foreign Exchange Rate Gain or Loss''' posting transactions in '''GL Ledger'''. 
::[[File: GST GST-03 Item12-13.jpg]]
<br />
::{| class="wikitable"
|-
! Account !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR || Explanation 
|-
| Total Gain on Foreign Exchange || style="text-align:right;"| 0.00 || style="text-align:right;"| 8,480.00 ||
|-
| Total Loss on Foreign Exchange || style="text-align:right;"| 593.60 || style="text-align:right;"| 0.00 ||
|-
| Net Realized Forex || style="text-align:right;"| 593.60 || style="text-align:right;"| 8,480.00 || 8,480.00 - 593.60 = '''7,886.40 GAIN (ES43)'''
|}
<br />

 '''NOTE: '''
 RMCD has confirmed that '''Net Realised Gain in Forex ONLY''' need to add into '''GST-03 item 12 Total Value of Exempt Supplies'''.
 Tax code = '''ES43'''
 <br />
 '''Net Realised Loss in Forex''' will be '''NIL'''.

==Summary: Comparison between GST-03, GST Listing and Ledger Report==

:Here is the result summarized: 
::{| class="wikitable"
|-
! style="text-align:left;"| Description !! GST-03 !! GST Listing !! Ledger Report 
|-
| style="vertical-align: top;" |ES43 ||  || style="text-align:right;"| 5,000.00 || style="text-align:right;"| 5,000.00 
|-
| style="vertical-align: top;" | ES43 (Realized Gain Forex)||  || style="text-align:right;"| 7,886.40 || 
Forex Gain = 8,480.00 <br />
Forex Loss = -593.60 <br />
'''Net Forex Gain = 7,886.40'''<br /> 
|-
| style="vertical-align: top;" |ES ||  || style="text-align:right;"| 50,000.00 || style="text-align:right;"| 50,000.00 
|-
| Total Item 12 (ES + ES43) || style="text-align:right;"| 62,886.40 || style="text-align:right;"| 62,886.40 || style="text-align:right;"| 62,886.40
|}
<br />

==See also==
* [[Print GST Listing]]
* [[Print GST-03]]