GST-03 Item 12 (ES + ES43) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger: Difference between revisions

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==Introduction==
==Introduction==
:This guide will help to check the data entry source posted for Item 12 Total Value of Exempt Supplies in GST-03. <br />
: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 />
<br />
:'''1. GST Tax Code'''
:'''1. GST Tax Code'''
Line 10: Line 10:
! Tax Code !! Tax Description || Tax Rate || Explanation and examples
! Tax Code !! Tax Description || Tax Rate || Explanation and examples
|-
|-
| style="vertical-align: top;" | ES43 || style="vertical-align: top;" | Incidental Exempt Supplies || style="vertical-align: top;center" | 0% || This refers to Exempt Supplies made under Incidental Exempt Supplies.
| style="vertical-align: top;" | ES43 || style="vertical-align: top;" | Incidental Exempt Supplies || style="vertical-align: top;" | 0% || This refers to Exempt Supplies made under Incidental Exempt Supplies.
Incidental Exempt Financial Services Supplies (IEFS) include:-<br />
Incidental Exempt Financial Services Supplies (IEFS) include:-<br />
* interest income from deposits placed with a financial institution in Malaysia
* interest income from deposits placed with a financial institution in Malaysia
* realized foreign exchange gains or losses
* realized foreign exchange gains or losses
|-
|-
| style="vertical-align: top;" | ES || style="vertical-align: top;" | Exempt Supplies under GST || style="vertical-align: top;center" | 0% || This refers to supplies which are EXEMPTED UNDER GST.<br />
| 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 />
These supply includes:-<br />
* Selling of Residential Properties to consumer
* Selling of Residential Properties to consumer
Line 28: Line 28:
| style="vertical-align: top;" | 12 || style="vertical-align: top;" | Total Value of Exempt Supplies ||  '''ES43 + ES''' (Taxable Amount) <br /> ''Note: Net Loss in Forex (ES43)= 0.00''
| style="vertical-align: top;" | 12 || style="vertical-align: top;" | Total Value of Exempt Supplies ||  '''ES43 + ES''' (Taxable Amount) <br /> ''Note: Net Loss in Forex (ES43)= 0.00''
|}<br />
|}<br />


==Example of Data Entry==
==Example of Data Entry==
:1. ES43 - '''Interest income from deposits placed with a financial institution in Malaysia'''
:1. ES43 - '''Interest income from deposits placed with a financial institution in Malaysia'''
::Screenshot below from Journal Entry.
::Screenshot below from '''Journal Entry'''.
::[[File: GST GST-03 Item12-14.jpg| 30PX]]
::[[File: GST GST-03 Item12-14.jpg]]
<br />
<br />


:2. ES43 - '''Realized foreign exchange gains or losses'''
:2. ES43 - '''Realized foreign exchange gains or losses'''
::a. '''Realized Gain in Foreign Exchange'''
::a. '''Realized Gain in Foreign Exchange'''
:::Screenshot below from Customer Payment.
:::Screenshot below from '''Customer Payment'''.
:::[[File: GST GST-03 Item12-15A.jpg| 30PX]]
:::[[File: GST GST-03 Item12-15A.jpg]]
<br />
<br />


::b. '''Realized Loss in Foreign Exchange'''
::b. '''Realized Loss in Foreign Exchange'''
:::Screenshot below from Customer Payment.
:::Screenshot below from '''Customer Payment'''.
:::[[File: GST GST-03 Item12-15B.jpg| 30PX]]
:::[[File: GST GST-03 Item12-15B.jpg]]
<br />
<br />


:3. ES - '''Financial Institution’s interest charges to customers for loan'''
:3. ES - '''Financial Institution’s interest charges to customers for loan'''
::Screenshot below from Customer Invoice.
::Screenshot below from '''Customer Invoice'''.
::[[File: GST GST-03 Item12-16.jpg| 30PX]]
::[[File: GST GST-03 Item12-16.jpg]]
<br />
<br />


Line 55: Line 54:
''[GST | Print GST-03...]''<br />
''[GST | Print GST-03...]''<br />


:Screenshot below from GST-03 Item 12.
:1. For instances, the '''GST-03 Item 12''' = '''Rm62.886.40
::[[File: GST GST-03 Item12-01.jpg| 30PX]]
::[[File: GST GST-03 Item12-01.jpg]]
<br />
<br />
:1. Double click on the amount in item 12.  
:2. You can check the details by double click on the amount in '''Item 12'''.  
:2. Pop-up the item 12 detail.
:3. Pop-up the item 12 detail.
::[[File: GST GST-03 Item12-02.jpg| 30PX]]
::[[File: GST GST-03 Item12-02.jpg]]
<br />
<br />
:3. You can insert additional column, ie. From Doc Type and Trans Type.  
:4. You can insert additional column, ie. '''From Doc Type''' and '''Trans Type'''.
::[[File: GST GST-03 Item12-03.jpg| 30PX]]
::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 />
<br />


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


Line 72: Line 73:
===GST Listing===
===GST Listing===
''[GST | Print GST Listing...]''<br />
''[GST | Print GST Listing...]''<br />
:1. Select the date range or GST Process.  
:1. Select the '''date range''' or '''GST Process'''.  
:2. Apply the GST Listing.  
:2. You can select the tax parameter for '''ES''' and '''ES43'''.
::[[File: GST GST-03 Item12-04.jpg| 30PX]]
:3. Apply the '''GST Listing'''.  
::[[File: GST GST-03 Item12-04.jpg]]
<br />
<br />


{| class="wikitable"
::{| class="wikitable"
|-
|-
! Tax Code !! Local Amount !! Explanation
! Tax Code !! Local Amount !! Explanation
|-
|-
| ES43 || 5,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES43  
| ES43 || style="text-align:right;"| 5,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES43'''
|-
|-
| ES43 || Gain=7,886.40 || Net realized forex gain calculated
| ES43 || style="text-align:right;"| Gain=7,886.40 || Net realized forex gain calculated
|-
|-
| ES || 50,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES
| 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 || 62,886.40 || Total value shown in GST-03 Item 12  
| '''Total''' || style="text-align:right;"| '''62,886.40''' || Total value shown in '''GST-03 Item 12'''
|}
|}
<br />
<br />


:3. Click on each tax type, you able to view the details. See the example in the screenshot below.
:4. Click on each tax type, you able to view the details. See the example in the screenshot below.
::[[File: GST GST-03 Item12-05.jpg| 30PX]]
::'''a. ES43'''
::[[File: GST GST-03 Item12-05.jpg]]
<br />
<br />
 
::'''b. ES43 (Net Realized Forex Gain ONLY)'''
::[[File: GST GST-03 Item12-06.jpg| 30PX]]
::[[File: GST GST-03 Item12-06.jpg]]
<br />
<br />
 
::'''c. ES'''
::[[File: GST GST-03 Item12-07.jpg| 30PX]]
::[[File: GST GST-03 Item12-07.jpg]]
<br />
<br />


===GL Ledger===
===GL Ledger===
Line 107: Line 109:
====Normal Posting for ES43 & EP====
====Normal Posting for ES43 & EP====
:1. In the General Ledger report, you have to insert the '''Tax''' grid column.
:1. In the General Ledger report, you have to insert the '''Tax''' grid column.
:2. Filter the Tax Code (ES and ES43).
:2. Filter the Tax Code '''(ES and ES43)'''.
::[[File: GST GST-03 Item12-08.jpg| 30PX]]
::[[File: GST GST-03 Item12-08.jpg]]
<br />
<br />
:3. Transactions related to ES. See the screenshot below.
:3. Transactions related to '''ES'''. See the screenshot below.
::[[File: GST GST-03 Item12-09.jpg| 30PX]]
::[[File: GST GST-03 Item12-09.jpg]]
<br />
<br />
:3. Transactions related to ES43. See the screenshot below.
:3. Transactions related to '''ES43'''. See the screenshot below.
::[[File: GST GST-03 Item12-10.jpg| 30PX]]
::[[File: GST GST-03 Item12-10.jpg]]
<br />
<br />


====Special Posting for Net Realized Gain Forex (ES43)====
====Special Posting for Net Realized Gain Forex (ES43)====
:1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''.
:1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''. For example,
::[[File: GST GST-03 Item12-11.jpg| 30PX]]
::{| 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 />
<br />
:2. Select the Foreign Exchange Rate Gain or Loss Account, click '''APPLY'''.
:2. Select the '''Foreign Exchange Rate Gain or Loss Account''', click '''APPLY'''.
::[[File: GST GST-03 Item12-12.jpg| 30PX]]
::[[File: GST GST-03 Item12-12.jpg]]
<br />
<br />
:3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss.  
:3. You can see the '''Foreign Exchange Rate Gain or Loss''' posting transactions in '''GL Ledger'''.  
::[[File: GST GST-03 Item12-13.jpg| 30PX]]
::[[File: GST GST-03 Item12-13.jpg]]
<br />
<br />
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! Account !! Local DR !! Local CR || Explanation  
! Account !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR || Explanation  
|-
|-
| Gain on Foreign Exchange || 0.00 || 8,480.00 ||
| Total Gain on Foreign Exchange || style="text-align:right;"| 0.00 || style="text-align:right;"| 8,480.00 ||
|-
|-
| Loss on Foreign Exchange || 593.60 || 0.00 ||
| Total Loss on Foreign Exchange || style="text-align:right;"| 593.60 || style="text-align:right;"| 0.00 ||
|-
|-
| Net Realized Forex || 593.60 || 8,480.00 || 8,480.00 - 593.60 = '''7,886.40 GAIN (ES43)'''
| 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 />
<br />


===Comparison in Summary===
'''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==


{| class="wikitable"
:Here is the result summarized:
::{| class="wikitable"
|-
|-
! Header text !! Header text !! Header text !! Header text !! Header text !! Header text
! style="text-align:left;"| Description !! GST-03 !! GST Listing !! Ledger Report
|-
|-
| Example || Example || Example || Example || Example || Example
| style="vertical-align: top;" |ES43 || || style="text-align:right;"| 5,000.00 || style="text-align:right;"| 5,000.00
|-
|-
| Example || Example || Example || Example || Example || Example
| 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 />
|-
|-
| Example || Example || Example || Example || Example || Example
| 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==
==See also==
* [[Print GST Listing]]
* [[Print GST Listing]]
* [[Print GST-03]]
* [[Print GST-03]]

Latest revision as of 02:38, 5 February 2016

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


Introduction

This guide will help you to check the data entry source posted for Item 12 Total Value of Exempt Supplies in GST-03.


1. GST Tax Code
Tax Code Tax Description Tax Rate Explanation and examples
ES43 Incidental Exempt Supplies 0% This refers to Exempt Supplies made under Incidental Exempt Supplies.

Incidental Exempt Financial Services Supplies (IEFS) include:-

  • interest income from deposits placed with a financial institution in Malaysia
  • realized foreign exchange gains or losses
ES Exempt Supplies under GST 0% This refers to supplies which are EXEMPTED UNDER GST.

These supply includes:-

  • 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.

2. GST-03
Item No. Description Guidelines
12 Total Value of Exempt Supplies ES43 + ES (Taxable Amount)
Note: Net Loss in Forex (ES43)= 0.00

Example of Data Entry

1. ES43 - Interest income from deposits placed with a financial institution in Malaysia
Screenshot below from Journal Entry.
GST GST-03 Item12-14.jpg


2. ES43 - Realized foreign exchange gains or losses
a. Realized Gain in Foreign Exchange
Screenshot below from Customer Payment.
GST GST-03 Item12-15A.jpg


b. Realized Loss in Foreign Exchange
Screenshot below from Customer Payment.
GST GST-03 Item12-15B.jpg


3. ES - Financial Institution’s interest charges to customers for loan
Screenshot below from Customer Invoice.
GST GST-03 Item12-16.jpg


GST-03 Item 12: Total Value of Exempt Supplies

[GST | Print GST-03...]

1. For instances, the GST-03 Item 12 = Rm62.886.40
GST GST-03 Item12-01.jpg


2. You can check the details by double click on the amount in Item 12.
3. Pop-up the item 12 detail.
GST GST-03 Item12-02.jpg


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.
GST GST-03 Item12-03.jpg


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...]

1. Select the date range or GST Process.
2. You can select the tax parameter for ES and ES43.
3. Apply the GST Listing.
GST GST-03 Item12-04.jpg


Tax Code Local Amount Explanation
ES43 5,000.00 Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES43
ES43 Gain=7,886.40 Net realized forex gain calculated
ES 50,000.00 Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES
Total 62,886.40 Total value shown in GST-03 Item 12


4. Click on each tax type, you able to view the details. See the example in the screenshot below.
a. ES43
GST GST-03 Item12-05.jpg


b. ES43 (Net Realized Forex Gain ONLY)
GST GST-03 Item12-06.jpg


c. ES
GST GST-03 Item12-07.jpg


GL Ledger

[GL | Print Ledger Report...]

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).
GST GST-03 Item12-08.jpg


3. Transactions related to ES. See the screenshot below.
GST GST-03 Item12-09.jpg


3. Transactions related to ES43. See the screenshot below.
GST GST-03 Item12-10.jpg


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,
Default Account GL Account Code
Foreign Exchange Rate Gain Account 530-000
Foreign Exchange Rate Loss Account 980-000
GST GST-03 Item12-11.jpg


2. Select the Foreign Exchange Rate Gain or Loss Account, click APPLY.
GST GST-03 Item12-12.jpg


3. You can see the Foreign Exchange Rate Gain or Loss posting transactions in GL Ledger.
GST GST-03 Item12-13.jpg


Account Local DR Local CR Explanation
Total Gain on Foreign Exchange 0.00 8,480.00
Total Loss on Foreign Exchange 593.60 0.00
Net Realized Forex 593.60 8,480.00 8,480.00 - 593.60 = 7,886.40 GAIN (ES43)


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

Net Realised Loss in Forex will be NIL.

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

Here is the result summarized:
Description GST-03 GST Listing Ledger Report
ES43 5,000.00 5,000.00
ES43 (Realized Gain Forex) 7,886.40

Forex Gain = 8,480.00
Forex Loss = -593.60
Net Forex Gain = 7,886.40

ES 50,000.00 50,000.00
Total Item 12 (ES + ES43) 62,886.40 62,886.40 62,886.40


See also