How to Enable Service Tax 8% In AutoCount?
Stay compliant with the new 8% Service Tax rate starting 01/03/2024. AutoCount automatically integrates the latest tax codes, making it simple to manage your invoices, payments, and imported services. Just select the tax code, and AutoCount handles the rest—ensuring seamless, accurate tax processing for your business.
How to Enable Service Tax 8% in AutoCount
The Service Tax is set to rise from 6% to 8% for selected services effective on 01/03/2024
Add New Tax Code SST
To comply with the latest changes on SST, there will be 8 new tax codes added to the system. These tax codes are:
- SV-8, SVU-8, SVI-8, PS-8, DS-8, DSN-8, IMSV-8, ESV-8
How to enable tax code related Service Tax 8%
1. Go to Tax > Tax Code Maintenance.
2. Click on Configure Malaysia SST.1. Go to Tax > Tax Code Maintenance.
3. You may tick the tax code that you need in the tab Input Tax and Output Tax and click on Save.
Example: SV-8, SVI-8, PS-8, IMSV-82. Click on Configure Malaysia SST.1. Go to Tax > Tax Code Maintenance.
Note: Now, you may create an Invoice with tax code SV-8 for document dates on or later than 01/03/2024.
Warning: If the document date is earlier than 01/03/2024, the system will block you when you try to save the document with tax code SV-8.
How to perform SST on Payment?
If you have an advance payment when running the SST Processor, the system allows you to generate SST on Payment for 6% or 8%.
1. You need to tick the document (O/R or CN) to process the SST on Payment.
2. Select Create JE SV-6 for 6% or Create JE SV-8 for 8%.
3. JE Tax Code will show your selected type, then click on Next to continue for the SST processor.
4. Click on Finish and then click on Yes.
5. This is the Journal result for SST on Payment on 8%.
In case you have wrongly selected, you may click on Clear JE Tax code to undo the selection.
How to perform Imported Services for 8%
1. Users need to enable the tax code IMSV-8 and SVI-8 for imported services 8%.
2. Key in the AP invoice or Purchase Invoice with the select tax code IMSV-8 and click on Save.
3. Click on OK to generate Imported Services journal.
4. This is the journal result for Imported Services on 8%.
Transfer Document allows to change Tax Code
For documents dated before 01/03/2024 where you have selected tax code 6%, while transferring the document to 01/03/2024 or later, the system allows you to change the tax code.
Example Scenario:
- Quotation dated 07/02/2024 with select tax code SV-6.
- Transfer the Quotation to Invoice dated 01/03/2024.
- Now you can change the tax code, which is not necessary to unlock the tax code field from ‘Edit Column Lock’.
Simplify Accounting & Tax Compliance with AutoCount
Experience the most trusted accounting software in Malaysia. Automate your daily posting, ensure 100% SST compliance, and generate real-time financial reports with AutoCount Accounting.
