goods and service tax (gst) for accounting
PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
GOODS AND SERVICE TAX (GST) FOR ACCOUNTING TREATMENT DURATION: 2 DAYS; TIME SCHEDULE Time - 9:00am to 5:00pm Break - 10:15am to 10.30am and 3:15pm to 3:30pm Lunch - 1:00pm to 2:00pm INTRODUCTION The Goods & Services Tax (GST) will be effective starting 1 April 2015. It will significantly impact the profits, cost structure and cash flow of most businesses, in particular, the exempt supplies industry (mixed suppliers). This program aims to help organizations effectively implement GST to minimize business disruption, maintain business profits and manage cash flow effectively. The program will walk through the process of pre-implementation, actual implementation and GST life observation, and lastly, the post-implementation evaluation process. Treatment of accounting adjustment and entry will be discussed and practiced based on various industry scenarios. BENEFITS Upon completion of this program, participants will be able to: Understand and practise the various GST treatment for input and output tax. Setup GST ledgers, sub-ledgers and GST coding. Walkthrough the process of GST pre- implementation, actual implementation and post implementation analysis. Document process flowcharts for audit trail and assessment purposes. KEY CONTENT MODULE 1 - FUNDAMENTALS OF GOODS AND SERVICES TAX (GST) What Is GST How Does GST Work GST Model Tax Invoice Based 4 Types Of Supplies- Standard Rated Supplied, Zero Rated Supplies, Exempt Supply, Out Of Scope Supplies Mechanism To Claim Input Tax Filing For GST Record Keeping Penalty And Offences MODULE 2 - ACCOUNTING & DOCUMENTATION ISSUES RELATING TO GST COMPLIANCE INTRODUCTION TO THE 23 GST CODES RECOMMENDED BY THE CUSTOMS What Do The Tax Codes Mean? How Are The Tax Codes Applied? What Are Some Common Examples? Can There Be More Codes? How Should We Organize Our Chart Of Accounts? How The Tax Codes Relate To GST-03?
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PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 3 - DOCUMENTATION REQUIREMENTS What Are The Business Documents Required To Be Prepared For GST? (Eg Tax Invoice, CN, DN Etc) Invoicing Issues o Timing Of Invoice & Its Significance – Common Pitfalls o Foreign Exchange – What Needs To Be Done Before Submission Of Returns o Treatment Of Discounts – Common Pitfalls o Simplified Tax Invoice Difference Between Accounting And GST Rules o Accrual Basis & Cash Basis o Advance Receipts o Retention Sums Accounting For Expenses o Transaction Date Vs Posting Date Vs Invoice Date o Prepayment & Accrual Of Expenses o Recording Staff Claims – What Is Required And How Should We Prepare? o Accounting For Input Taxes Blocked/ Disallowed Accounting For Acquisition And Disposal Of Fixed Assets o Acquisition Of Fixed Assets o Disposal Of Fixed Assets o Hire Purchase Scenario o Trade-In Scenario MODULE 4 - CONTENT OUTLINE OF ACCOUNTING TRAINING Accounting For Cross Border Transactions o Export Of Goods & Services o Importation Of Goods – Potential Issues o Importation Of Services o Offshore Trades (Trading Of Goods Outside Malaysia) Accounting For Deemed Supplies o Gift Rule – Common Practices And Issues o Change Of Use, Private Usage o Sponsorships o Payments In Kind – Barter Trade Accounting For GST Adjustments In Respect Of 6 Months Rule o Claiming GST Bad Debt Relief On Trade Debts Not Received o Adjusting GST For Subsequent Recovery Of Debts o Adjusting GST For Subsequent Write Off Of Trade Debts o Adjusting GST For Recovery Of Trade Debts Written Off o Adjusting For Purchases Not Paid Within 6 Months o Adjusting For Subsequent Payment Of Purchases (Previously Unpaid After 6 Months) Accounting In The Transitional Period o Supplies Made After 1 April 2015 Where Consideration Or Invoice Raised Before 1 April 2015 o Invoicing For Supplies Made 1 April 2015 Onwards Relating To Contracts Signed Prior To 1 April 2015
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PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
AUDIENCE This program is suitable for Directors & General Managers, Financial Controllers & Managers, Accountants, Accounting Staff, Managers, Business Entrepreneurs and Staff from Operations, Business Development & Administration METHODOLOGY This program combines theoretical instruction with case studies based on real-life situations to help participants learn from experience and apply new practices.
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Website: www.quorse.com
GOODS AND SERVICE TAX (GST) FOR ACCOUNTING TREATMENT DURATION: 2 DAYS; TIME SCHEDULE Time - 9:00am to 5:00pm Break - 10:15am to 10.30am and 3:15pm to 3:30pm Lunch - 1:00pm to 2:00pm INTRODUCTION The Goods & Services Tax (GST) will be effective starting 1 April 2015. It will significantly impact the profits, cost structure and cash flow of most businesses, in particular, the exempt supplies industry (mixed suppliers). This program aims to help organizations effectively implement GST to minimize business disruption, maintain business profits and manage cash flow effectively. The program will walk through the process of pre-implementation, actual implementation and GST life observation, and lastly, the post-implementation evaluation process. Treatment of accounting adjustment and entry will be discussed and practiced based on various industry scenarios. BENEFITS Upon completion of this program, participants will be able to: Understand and practise the various GST treatment for input and output tax. Setup GST ledgers, sub-ledgers and GST coding. Walkthrough the process of GST pre- implementation, actual implementation and post implementation analysis. Document process flowcharts for audit trail and assessment purposes. KEY CONTENT MODULE 1 - FUNDAMENTALS OF GOODS AND SERVICES TAX (GST) What Is GST How Does GST Work GST Model Tax Invoice Based 4 Types Of Supplies- Standard Rated Supplied, Zero Rated Supplies, Exempt Supply, Out Of Scope Supplies Mechanism To Claim Input Tax Filing For GST Record Keeping Penalty And Offences MODULE 2 - ACCOUNTING & DOCUMENTATION ISSUES RELATING TO GST COMPLIANCE INTRODUCTION TO THE 23 GST CODES RECOMMENDED BY THE CUSTOMS What Do The Tax Codes Mean? How Are The Tax Codes Applied? What Are Some Common Examples? Can There Be More Codes? How Should We Organize Our Chart Of Accounts? How The Tax Codes Relate To GST-03?
1|P a g e
PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
MODULE 3 - DOCUMENTATION REQUIREMENTS What Are The Business Documents Required To Be Prepared For GST? (Eg Tax Invoice, CN, DN Etc) Invoicing Issues o Timing Of Invoice & Its Significance – Common Pitfalls o Foreign Exchange – What Needs To Be Done Before Submission Of Returns o Treatment Of Discounts – Common Pitfalls o Simplified Tax Invoice Difference Between Accounting And GST Rules o Accrual Basis & Cash Basis o Advance Receipts o Retention Sums Accounting For Expenses o Transaction Date Vs Posting Date Vs Invoice Date o Prepayment & Accrual Of Expenses o Recording Staff Claims – What Is Required And How Should We Prepare? o Accounting For Input Taxes Blocked/ Disallowed Accounting For Acquisition And Disposal Of Fixed Assets o Acquisition Of Fixed Assets o Disposal Of Fixed Assets o Hire Purchase Scenario o Trade-In Scenario MODULE 4 - CONTENT OUTLINE OF ACCOUNTING TRAINING Accounting For Cross Border Transactions o Export Of Goods & Services o Importation Of Goods – Potential Issues o Importation Of Services o Offshore Trades (Trading Of Goods Outside Malaysia) Accounting For Deemed Supplies o Gift Rule – Common Practices And Issues o Change Of Use, Private Usage o Sponsorships o Payments In Kind – Barter Trade Accounting For GST Adjustments In Respect Of 6 Months Rule o Claiming GST Bad Debt Relief On Trade Debts Not Received o Adjusting GST For Subsequent Recovery Of Debts o Adjusting GST For Subsequent Write Off Of Trade Debts o Adjusting GST For Recovery Of Trade Debts Written Off o Adjusting For Purchases Not Paid Within 6 Months o Adjusting For Subsequent Payment Of Purchases (Previously Unpaid After 6 Months) Accounting In The Transitional Period o Supplies Made After 1 April 2015 Where Consideration Or Invoice Raised Before 1 April 2015 o Invoicing For Supplies Made 1 April 2015 Onwards Relating To Contracts Signed Prior To 1 April 2015
2|P a g e
PROFESSIONAL TRAINING MADE EASY
Website: www.quorse.com
AUDIENCE This program is suitable for Directors & General Managers, Financial Controllers & Managers, Accountants, Accounting Staff, Managers, Business Entrepreneurs and Staff from Operations, Business Development & Administration METHODOLOGY This program combines theoretical instruction with case studies based on real-life situations to help participants learn from experience and apply new practices.
161216 3|P a g e
