WMS-1201 Advanced GST with Wavelet EMP (step by step guide)
This is a very intensive course that takes a deep dive into Malaysia GST requirements. Step by step guide will be given to participants with basic GST understanding.
- Wavelet EMP Software users (accountants, auditors)
- Wavelet Resellers / Partners
- Good understanding of GST Knowledge
- Experience using Wavelet Software for at least 2 months
- Please bring your own laptop
A. Basic and Advance
- GST Setup
- Purchase Transaction for Taxable Supplies
- Sales Transaction for Standard Supplies
- Deposit from Customer
- Filing for Purchase Transactions (Full Tax Claimable)
- Filing for Sales Transactions (Full Tax Claimable)
- Generation of GST-03 (without support for TX-RE)
- Generation of GST Audit File (GAF)
B. Advance only
- Purchase Transaction for Mixed (Taxable and Exempted) Supplies
- Sales Transaction for Exempted Supplies
- Tax Report for Input Tax Recoverable Ratio (IRR)
- Filing for Purchase Transactions (Mix Tax Claimable)
- AR Bad Debt Relief and Recovered
- AP Bad Debt Relief and Paid
- Annual Adjustment
- Generation of GST-03 (Complete with support for TX-RE)
Accounting Double Entry
GST Filing Checklist
- Please make sure the Financial Year added
- Please make sure the Tax Year added (first taxable period is the same as the GST registration approval letter)
- Create the Filing Cycle
- GST Adjustment (Credit Card Charges, Bank Charges, AJP, AJS)
- Declare AR Bad Debt (for Over six months outstanding invoices) - Filing on October 2015
- Declare AR Bad Bebt Recovered (for previously declared Bad Debt) - Filing on November 2015
- File Output Tax
- Declare AP Bad Debt (for Over six months outstanding invoices) - Filing on October 2015
- Declare AP Bad Bebt Paid (for previously declared Bad Debt) - Filing on November 2015
- File Input Tax on Imported Goods
- File Input tax (regular transaction)
- Reports for Submissions : GST-03
- Reports for Submissions (upon request from Royal Custom): GST Audit File (GAF)
- Supporting Reports
i) Simplified Tax Invoice Report
ii) Output Tax Invoice Report
iii) Input Tax Invoice Report
iv) Output And Input Tax Summary Report
- Create Journal Transaction for GST payable
- Create Payment Voucher for GST payable
- Lock Filing Cycle
- Lock Financial Period
When & Where
Wavelet Solutions Sdn Bhd
Wavelet MS is the financial application that supports all back-office and business processes across the entire company. Wavelet MS includes financial accounting, financial management, supply chain, inventory management, order management, shipping and fulfillment, employee management, customer loyalty program, point of sales, warranty, logistics, business intelligence, e- commerce and more.
1) Reduce Your Total Cost of Ownership
Businesses running on Wavelet MS reports more than 50% cost savings as compared to running their old on-premise systems. Wavelet MS eliminates costly upgrades, expensive infrastructure and onerous maintenance.
2) Optimized Cash flow and Inventory
With your front and back office processes integrated on a real time basis, processes from order to delivery and subsequently collection could be accelerated. It helps you to save costs, improve speed and optimize inventory holding.
3) Eliminate the need for Data Synchronization
Many businesses suffer due to problems having the latest data synchronized correctly while some face challenges of latency.
4) A Real-Time, Comprehensive View of Your Business
With our matrix-reporting format, you get a complete summary and detailed view of finance, sales, inventory, orders and other vital statistics at your fingertips.
5) Supports Your Distributed Organization
With Wavelet MS, you get anytime, anywhere secure browser-based access, so your employees can work the way they want to, using a PC, Mac, iPad, iPhone or Android.
6) Multi-company, multi-branch in a single database
Cross company business processes at a breeze, consolidated account receivable for optimal credit exposure, cost allocation to the branches for better analysis.
7) Cloud Based Software as a Service (SAAS)
Wavelet MS runs on MAXIS Cloud for better scalability, reliability and stability. Businesses could reduce cost with our licensing model base on the number of branches and the cloud server specifications (unlimited user licenses). There's no upfront CAPEX, you get to enjoy computing on demand and you can get things up and running faster.
8) GST Grade-A (for Malaysian Market)
With Grade-A (Advanced), users will be able to file their GST Return seamlessly, especially for mix supplies businesses.