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Partial Exemption & Capital Goods Adjustment 28 March 2017 - PowerPoint PPT Presentation

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Partial Exemption & Capital Goods Adjustment 28 March 2017 Oasis Corporate Park, Selangor. Account | Billing | Stock | POS | Payroll | Mobile ISV/Software Solutions 1 AutoCount PE & CGA Presentation Slides (simplified

  1. Partial Exemption & Capital Goods Adjustment 28 March 2017 Oasis Corporate Park, Selangor. Account | Billing | Stock | POS | Payroll | Mobile ISV/Software Solutions 1

  2. AutoCount PE & CGA Presentation Slides (simplified version) 2

  3. Partial Exemption Module And the system will You just need to Periodically/Annually: - Observe De Minimis Rule Enter - Compute IRR / AIRR transaction - Compute input tax claimable with correct - Perform period / annual adjustment taxcode - Generate Journal Entries - Posting to GST-03 3

  4. Capital Goods Adjustment Module And the system will You just need to - Capture AIRR from PE calculation - Compute CGA Maintain - Generate Journal Entries Capital Items - Posting to GST-03 For 5 / 10 years 4

  5. AutoCount PE & CGA Thank You 5

  6. AutoCount PE & CGA Presentation Slides (extended version) 6

  7. AutoCount PE & CGA Basic Setup 7

  8. Modules 2 Options: i) PE or ii) PE & CGA 8

  9. Tax Codes Activated TX-ES TX-ES-CG AJP-O TX-IES TX-IES-CG AJP-A Input tax TX-RE TX-RE-CG AJP-CG SR-S SR-CG DS OS-TXM RS ZDA-CG DS-ATMS OS-TXM-CG GS ZRE-CG DS-I Output NTX RS-CG tax ZRL NTX-CG AJS-O GS-CG ZDA ES-CG AJS-A ZRE ES-GU AJS-CG IES 9

  10. Auto Configuration Generated G/L account 10

  11. AutoCount PE & CGA Partial Exemption Module 11

  12. PE Flow Compute De Enter Minimis Rule, transactions IRR & input tax claimable Manual System Posting to GST-03 and Choose the correct tax code Journal during transaction System Compute Posting to AIRR & GST-03 and annual/ Journal longer adj Period amount Adjustment System System System 12

  13. GST Processor – PE Summary of processed PE by period 13

  14. GST Processor – PE Double click to view details 14

  15. GST Processor – PE Elements of O1 and O2 Double click to view transaction details 15

  16. GST Processor – PE Double click to view calculation of De Minimis Rule 16

  17. GST Processor – PE Calculation of De Minimis Calculation to Rule observe De Minimis Rule 17

  18. GST Processor – PE Double click to view calculation of IRR, RE claimable/not claimable 18

  19. GST Processor – PE Calculation of IRR, RE claimable and not claimable 19

  20. GST Processor – PE Click to view Journal Entry 20

  21. GST Processor – PE Click to view Journal Entry Journal Entry generated by (period system adjustment) 21

  22. GST Processor – PE Auto- processed on the 2nd taxable period each year Summary of Longer period adjustment 22

  23. GST Processor – PE Click to view Journal Entry of longer period adjustment 23

  24. PE Maintenance User-maintained vs system generated Double click Double click Double click to view to view to view calculations transactions Journal Entry 24

  25. AutoCount PE & CGA Capital Goods Adjustment Module 25

  26. CGA Flow Posting to Capture AIRR Maintain Compute GST-03 and from PE Capital Goods CGA amounts Journal calculation Manual System System System Maintain Capital Goods 26

  27. Capital Goods Maintenance May enter multiple items 27

  28. GST Processor – CGA Double click to view calculation 28

  29. GST Processor – CGA Calculation of IRR, Base %, CGA % and amount 29

  30. GST Processor – CGA Double click to view journal entry 30

  31. CGA Schedule Show all intervals (5 or 10 years) 31

  32. CGA Schedule Colour to indicate type of record 32

  33. AutoCount PE & CGA Special Scenarios 33

  34. Scenario 1 Case A: 100% Claimed • I just realized I am a mixed supplier • I have claimed all the residual input taxes. Case B: 0% Claimed • I know that I am a mixed supplier but I did not claim any residual input tax AND • Now I want to claim it. 34

  35. Scenario 1 – Solution for PE Case A: 100% Claimed • Enter PE details for past period(s) and maintain IRR as 100% at PE maintenance Case B: 0% Claimed • Enter PE details for past period(s) and maintain IRR as 0% at PE maintenance PE details System will No need to include T, E, auto do edit O1, O2, TX- annual transactions RE, TX-ES adjustment 35

  36. Scenario 1 – PE (Example) Current Period : 2017 May PE details for 2017 Jan – 2017 April are as belows: T E Asset disposal TX-ES TX-RE IT claimed IT claimed as standard rate Case A Case B (RM) (RM) (RM) (RM) (RM) Jan 50,000 8,000 - 2,000 4,000 6,000 0 Feb 100,000 70,000 30,000 500 10,000 10,500 0 March 20,000 - - 1,000 7,500 8,500 0 April 90,000 80,000 5,000 7,000 12,000 19,000 0 Enter PE details for Past Period (2017 Jan – April) Current Period : Just choose the right tax code during entries 36

  37. Scenario 1 – PE (Example) CASE A: IRR = 100% PE Maintenance CASE B: IRR = 0% Key in details of Jan – Apr 2017 37

  38. Scenario 1 – PE (Example) Details will be used for Annual Adjustment 38

  39. Scenario 1 – Solution for CGA Maintain assets at Capital Goods Maintenancea Manually maintain CGA details for first intervals in CGA schedule . Case A: IRR = 100% Cash B: IRR = 0% Current year and subsequent years CGA will be auto completed by system. 39

  40. Scenario 1 – CGA (Example) Purchased date: 19/3/2016 Asset value : RM150,000 Tax Amount : RM 9,000 40

  41. Scenario 1 – CGA (Example) CASE A: IRR = 100% CASE B: IRR = 0% 41

  42. Scenario 2 • Previously using: - other software - spreadsheet - manual calculation to produce IRR, De Minimis, claimable amount, posting .... AND • Now start using AutoCount Accounting to handle PE and CGA 42

  43. Scenario 2 – Solution for PE • Enter PE details for past periods and maintain IRR (according to your calculation regardless of correctness) at PE maintenance PE details System will No need to include T, E, auto do enter all O1, O2, TX- annual transactions RE, TX-ES adjustment 43

  44. Scenario 2 – PE (Example) Current Month : 2017 May PE details for Jan – April 2017 are as belows: T E Asset disposal as TX-ES TX-RE IRR standard rate (RM) (RM) (RM) (RM) (RM) Jan 50,000 8,000 - 2,000 4,000 86.21% Feb 100,000 70,000 30,000 500 10,000 50.00% March 20,000 - - 1,000 7,500 100.00% April 90,000 80,000 5,000 7,000 12,000 51.52% Enter PE details for Past Period (2017 Jan – April) Current Period : Just choose the right tax codes during entries 44

  45. Scenario 2 – PE (Example) Key in PE details and IRR accordingly 45

  46. Scenario 2 – Solution for CGA Maintain assets at Capital Goods Maintenancea Manually maintain CGA details for first intervals in CGA schedule.. IRR = ? % Current year and subsequent years CGA will be auto completed by system. 46

  47. Scenario 2 – CGA (Example) Purchased date: 19/3/2016 Asset value : RM150,000 Tax Amount : RM 9,000 IRR = 60% 47

  48. Scenario 2 – CGA (Example) Maintain IRR = 60% 48

  49. 5 More Special Cases for CGA Scenario 3: Input tax incurred before GST Registration Scenario 4: Input tax incurred before first interval Scenario 5: Input tax incurred after first interval (Parallel method) Scenario 6: Disposal of assets Scenario 7: Assets written off / lost 49

  50. 5 More Special Cases for CGA Scenario 3: Input tax incurred before GST Registration The asset is bought before I become GST registered person. • Maintain market value of asset in capital goods maintenance • Commence date : GST registration date 50

  51. 5 More Special Cases for CGA Scenario 3: Input tax incurred before GST Registration GST Reg. Date GST Market GST Reg. value 18,000 300,000 Date 51

  52. 5 More Special Cases for CGA Scenario 4: Input tax incurred before first interval The input tax of an asset was incurred before the year it has been occupied/used/become mixed supplier. • Maintain asset with its respective incurred date . • Commence date : Occupied date • System will auto-calculate its base percentage and do adjustments 52

  53. 5 More Special Cases for CGA Scenario 4: Input tax incurred before first interval Occupied date 20/3/2017 Input tax incurred 10/10/2016 (200,000 + 12,000) 20/1/2017 (500,000 + 30,000) 53

  54. 5 More Special Cases for CGA Scenario 5: Input tax incurred after first interval (Parallel method) Additional/add-on assets is acquired after first interval. • Maintain asset with its respective incurred date . • Commence date : first incurred date • System will use parallel method to calculate CGA amount. 54

  55. 5 More Special Cases for CGA Scenario 5: Input tax incurred after first interval (Parallel method) First incurred date Asset sub A Asset sub B Purchased Purchased 20/3/2017 20/3/2018 55

  56. 5 More Special Cases for CGA Scenario 5: Input tax incurred after first interval (Parallel method) Parallel CGA method 2018 CGA 2019 56

  57. 5 More Special Cases for CGA Scenario 6: Disposal of assets • Asset is disposed on: (different timing = different CGA treatment) a) first interval; OR b) first day of any other interval; OR c) other day of any other interval • Maintain disposal date in capital goods maintenance. • System will auto-calculate CGA amount for disposed asset. • Support Partial disposal 57

  58. 5 More Special Cases for CGA Scenario 6: Disposal of assets Enter Disposal Date 1/5/2018 58

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