Print Ledger Report: Difference between revisions

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<big>Print Ledger Report</big>
'''GST Expenditure (Effective from YA 2015)'''<br />
:1. para 39(1)(o): GST input tax paid or to be paid not allowed as deduction if:-
::a. Non-registered person with turnover exceed GST threshold of Rm500,000.
::b. Registered person fail to claim input tax credit his entitled to claim.<br />
:2. section 39(1)(p): Output tax absorbed by GST by registered person is not allowed as tax deduction.<br />
:3. GST block input tax & deductible expenses:-
::{| class="wikitable"
|-
! Block Tax !! GST input Tax !! Tax deductible?
|-
| Passenger car (Cost and maintenance)  || Blocked || Deductible (to claim capital allowance)
|-
| Club subscription fee || Blocked || '''Non-deductible'''
|-
| Medical insurance/personal accident insurance || Blocked || Deductible
|-
| Family benefits || Blocked || Depend (check with your auditors or tax consultant)
|-
| Entertainment expenses (Potential customer) || Blocked || '''Non-deductible'''
|-
| Entertainment expenses (Supplier) (p || Blocked || Allowed 50% deduction
|}
<br />
==How does this work?==
===Setup New Tax Code===
''[GST | Maintain Tax ...]''<br />
''[GST | Maintain Tax ...]''<br />
:1. Click New. <br />
:1. Click New. <br />

Revision as of 07:28, 9 January 2017

[GST | Maintain Tax ...]

1. Click New.
2. Follow the below SETTINGS to create.
Field Name Field Contents
Code ND-0 (Recommended code)
Description Non-Deductible
Tax Type (Non GST - Both Sales & Purchase)
Tax Rate 0% (please key-in)
Tax Account GST-301 (This field is compulsory. Due to tax rate is 0%, therefore no posting)
Tax Inclusive Untick

3. Click Save. See below screenshot.
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NOTE : 
Do not click the tax rate arrow key down if the tax account is not defined yet.


Data Entry for Non-Deductible

For Purchase Invoice

1. Insert a new detail row and key-in the total input tax not going to claim.
2. Select the tax code "ND-0".
3. See below screenshot.
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For GL Cash Book

1. Insert a new detail row and key-in the total input tax not going to claim.
2. Select the tax code "ND-0".
3. See below screenshot.
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NOTE: 
Please ensure you understand the Non-Deductible expenditure from your auditors before you apply this guide.


How to analyse the total tax amount from Non-Deductible?

[ GL | Print Journal of Transaction Listing...]

1. Select the date range to APPLY.
2. Filter at the Tax grid column. See screenshot below.
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3. You can see the non-deductible transactions filtered by ND-0.
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4. From this instance, the total non-deductible expenditure amount is Rm3030.00
NOTE: 
This non-deductible tax amount will not post to GAF.

See also