Having problems when you receive your Supplier Invoice late and you had already submitted GST? Wish to claim your input tax later instead of the current period? In AutoCount you can perform this by just a few clicks, mainly utilizing the feature of GST Date.
What is GST Date? Basically GST Date is a date field for the user to set whether this particular transaction’s GST should reflect in which month of their GST submission. For example, we often encounter problems like supplier giving us their Invoice late, causing us unable to process that transaction’s GST in time. In order to solve this kind of problem, we allow user to process the GST for that transaction on the upcoming GST submission by setting the GST Date.
1. First of all, in order to utilize this GST date, user will need to set their GST Date Deferred Account Number. To set this account number you may go to the top menu of AutoCount Accounting à GST à GST Settings à GST Date. You will see there are Deferred Input Tax Account and Deferred Output Tax Account to be maintained.
2. If your Deferred Input and Output Tax Account Number is blank, you can either create manually at Account Maintenance or allow the system to create it for you automatically. In order to allow the system to create it automatically, you will need to re-run the Tax Code Maintenance Wizard at GST à Tax Code Maintenance à Wizard (at the bottom left) à Next all the way à Finish
3. After done setting up your account number you can now utilize this GST Date feature. This GST Date can be easily set when you’re entering your Purchase Invoice, located at the top menu Edit à Set GST Date.
4. Take for example I had one Purchase Invoice dated in September which came in late (receive on October) and I had already submit my September GST (assuming I’m submitting monthly). What I can do is I can still key in my Purchase Invoice as usual and adjust the GST Date to let this Purchase Invoice to be processed in my October GST Submission.
5. In order to perform that we just need to set the GST Date to the day you receive the Purchase Invoice (October) and key the Document date exactly the same as your Purchase Invoice date. After setting the GST Date, it will appear beside your Document date to indicate it clearly that this transaction GST Date is different from the Document Date. You could also see that the RM 9 GST will be calculated in the October period in this example.
6. After saving this transaction, you can view your October GST Summary through the GST Instant info to verify whether this transaction GST is calculated at that particular period or not.
Last but not least, even thou we had this function but user will need to apply it properly as from the Custom GST Rule, a taxable person can only claim the input tax later but not paying the output tax later. So it is advisable that this can only apply at your AP side or Purchases only.
You can download this guide here: GST Date in AutoCount Accounting