Software Solution SOLUTIONS BY OMNI2UACCOUNT Issues on GST and SOLUTIONS BY OMNI2UACCOUNT

Issues 1.Ensure software comply to RMCD guideline 2.Changes of RMCD GST Ruling 3.Data Entry a.Clerk difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

Ensure software comply to RMCD guideline To ensure all GST related calculation and account treatment comply to RMCD guideline This is to ensure that the software developer understand the guideline properly and implement into their system accordingly.

OMNI2UACCOUNT SOLUTION Advance Category OMNI2UACCOUNT has been approved in Advance Category compliance to RMCD's GST guideline approved software vendor OMNI2UACCOUNT is an approved software vendor for SME to claim software financial assistance from government of Malaysia. OMNI2U Point of Sales direct integrated OMNI2U Point of Sales comply to GST guideline and direct integrated to OMNI2UACCOUNT OMNI2U Inventory OMNI2U Inventory integrate with OMNI2UACCOUNT related with Purchases and Damage Stock

Issues 1.Approved Compliance to RMCD 2.Changes of RMCD GST Ruling 3.Data Entry a.Clerk difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

Changes of RMCD GST Ruling Royal Malaysian Customs Department GST ruling may not be final therefore from time to time software modification may be needed to comply with the changes.

OMNI2UACCOUNT SOLUTION CLOUD solution OMNI2U ACCOUNT is a CLOUD solution where upgrade is automatic once modification is done whereas other than cloud will need installation on each computer at client place. It is a time consuming activity.

Issues 1.Approved Compliance to RMCD 2.Changes of RMCD GST Ruling 3.Data Entry a.Data Entry staff difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

Data Entry – Data entry person difficult to remember tax code 13 Tax Codepurchases 11 Tax Code sales There are 24 Tax Code to remember. 13 Tax Code for purchases transaction and 11 Tax Code for sales transaction.

OMNI2UACCOUNT SOLUTION 1.OMNI2UACCOUNT avoid mistake in selection Sales Tax Code in Sales entry. OMNI2UACCOUNT display 11 Tax Code for Sales only when making sales entry 2.OMNI2UACCOUNT avoid mistake in selection Purchase Tax Code in Purchase entry. OMNI2UACCOUNT display 13 Tax Code for Purchase only when making purchase entry. 3.Avoid Tax Code Confusion through a.Product Tag with Tax Code b.Sales Remark c.Purchase Remark

11 GST Tax Code for Supply

OMNI2UACCOUNT SOLUTION 1.OMNI2UACCOUNT avoid mistake in selection Sales Tax Code in Sales entry. OMNI2UACCOUNT display 11 Tax Code for Sales only when making sales entry 2.OMNI2UACCOUNT avoid mistake in selection Purchase Tax Code in Purchase entry. OMNI2UACCOUNT display 13 Tax Code for Purchase only when making Purchase entry. 3.Avoid Tax Code Confusion through a.Product Tag with Tax Code b.Sales Remark c.Purchase Remark

13 GST Tax Code for Purchase

OMNI2UACCOUNT SOLUTION 1.OMNI2UACCOUNT avoid mistake in selection Sales Tax Code in Purchase entry. OMNI2UACCOUNT display 13 Tax Code for Purchase only when making purchase entry 2.OMNI2UACCOUNT avoid mistake in selection Purchase Tax Code in Sales entry. OMNI2UACCOUNT display 11 Tax Code for Sales only when making sales entry. 3.Avoid Tax Code Confusion through a.Product Tag with Tax Code b.Sales Remark c.Purchase Remark

OMNI2UACCOUNT SOLUTION 1.OMNI2UACCOUNT avoid mistake in selection Sales Tax Code in Purchase entry. OMNI2UACCOUNT display 13 Tax Code for Purchase only when making purchase entry 2.OMNI2UACCOUNT avoid mistake in selection Purchase Tax Code in Sales entry. OMNI2UACCOUNT display 11 Tax Code for Sales only when making sales entry. 3.Avoid Tax Code Confusion through a.Product Tag with Tax Code b.Sales Remark c.Purchase Remark

OMNI2UACCOUNT SOLUTION 1.OMNI2UACCOUNT avoid mistake in selection Sales Tax Code in Purchase entry. OMNI2UACCOUNT display 13 Tax Code for Purchase only when making purchase entry 2.OMNI2UACCOUNT avoid mistake in selection Purchase Tax Code in Sales entry. OMNI2UACCOUNT display 11 Tax Code for Sales only when making sales entry. 3.Avoid Tax Code Confusion through a.Product Tag with Tax Code b.Sales Remark c.Purchase Remark

Issues 1.Ensure software comply to RMCD guideline 2.Changes of RMCD GST Ruling 3.Data Entry a.Clerk difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

Entry of Purchase Invoice must be per item basis This is due to different product may be different type of supply and different tax code. Generally there are 4 type of supply: – Taxable supply Standard and Zero rated – Non Taxable Supply Exempt and Out of scope

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT allow entry of tax code per product basis. Each product is tag with its related tax code. Other than product can be tag with tax code using remark. This will avoid data entry mistake.

Issues 1.Ensure software comply to RMCD guideline 2.Changes of RMCD GST Ruling 3.Data Entry a.Clerk difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

Too much data entry work Purchase Invoice – in order to claim, invoice from supplier need to be recorded in the system so that it will automatically calculated and generate GST03. Sales Invoice – To enter the product or service to sell and entering the correct tax code is too many and can easily cause human error.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT provide many ways to avoid or reduce repetition of data entry. – Product Tag with price and tax code – Sales Remark tag with tax code – Purchase Remark tag with Tax code. User just need to select the related item and all the related information will be retrieved and fill the necessary information in the correct field.

Issues 1.Ensure software comply to RMCD guideline 2.Changes of RMCD GST Ruling 3.Data Entry a.Clerk difficult to remember tax code b.Entry of Purchase Invoice must be per item basis c.Too much data entry work d.Entry mistake 4.No GST charge among companies registered in the same group.

No GST charge among companies registered in the same group Companies can register their company in the same group that will allow transaction between the companies without GST.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT will handle automatically the transaction between the companies without GST. User need to configure the companies as in the same group.

Issues ….. continue 5.Business between consignor and consignee 6.Consolidated View for management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progresive Invoicing and Payment with retainer fee 10.Transaction related to scheme

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT can handle consignor and consignee business transaction. Delivery Order is issued, 21 days rule doesn’t apply. Product in consignee place more than one year will be consider sold.

Issues ….. continue 5.Business between consignor and consignee 6.Consolidated View for management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progresive Invoicing and Payment with retainer fee 10.Transaction related to scheme

Consolidated View for management HQ normally need to monitor their subsidiaries performance.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT can consolidate information from all the subsidiaries and provide summary or details report from HQ. The same monitoring can be done for group monitoring such as Monitoring of Entrepreneur and Cooperative. Also monitoring of companies account by Auditor or Accountant to ensure correct entry and submission of GST03 and GAF.

Issues ….. continue 5.Business between consignor and consignee 6.Group management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progresive Invoicing and Payment with retainer fee 10.Transaction related to scheme

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT automatically calculate and generate GST03 for submission

Issues ….. continue 5.Business between consignor and consignee 6.Group management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progresive Invoicing and Payment with retainer fee 10.Transaction related to scheme

Mix Supply handling Business of Taxable Supply and Exempt Supply product are Mix Supply business. Exempt supply business do not need to charge output tax to their client and not allow to claim input tax as well. This type of business will not allow the businesses to charge output tax but allow them to claim input tax but not 100%.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT able to calculate the percentage of input tax to be claimed using IRR formula and DMR.

Issues ….. continue 5.Business between consignor and consignee 6.Group management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progressive Invoicing and Payment with retainer fee 10.Transaction related to scheme

Complication in Progressive Invoicing and Payment with retainer fee Progressive invoicing and payment normally for project basis business which sometime involve retainer fee such as construction’s contractors and developers. The GST for retainer fee is payable at the time of claim.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT can handle progressive invoice and payment with retainer fee.

Issues ….. continue 5.Business between consignor and consignee 6.Group management 7.GST03 Submission 8.Mix Supply handling 9.Complication in Progressive Invoicing and Payment with retainer fee 10.Transaction related to scheme

Transaction related to scheme There are several scheme that companies can apply to reduce their cash flow problem such as Approved Trader Scheme (ATS), Approved Toll Manufacturer Scheme (ATMS), Approved Jeweler Scheme (AJS) and etc.

OMNI2UACCOUNT SOLUTION OMNI2UACCOUNT able to handle and calculate scheme related transaction.

Issues ….. continue 11.Bad Debt Account Receivable 12.Bad Debt Account Payable day rule

Bad Debt Account Receivable Base on invoice date, GST is paid. After six month, if no payment from customer, GST is claimable from Customs.

OMNI2UACCOUNT SOLUTION Bad Debt claims OMNI2UACCOUNT able to handle and alert the user for Bad Debt claims.

Issues ….. continue 11.Bad Debt Account Receivable 12.Bad Debt Account Payable day rule

Bad Debt Account Payable Base on invoice date, GST is claimed. After six month, if no payment to the supplier, GST is payable to Customs.

OMNI2UACCOUNT SOLUTION Bad Debt payable OMNI2UACCOUNT able to handle and alert the user for Bad Debt payable.

Issues ….. continue 11.Bad Debt Account Receivable 12.Bad Debt Account Payable day rule

21 Day Rule DO issued but invoice not issued within 21 days. GST is charged base on DO date. Deposit collected but invoice not issued within 21 days. GST is charged base on deposit collected date.