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AutoCount E-Invoice Onboarding:
How to Update Currency Codes?

Introduction to Currency Code

Ensuring accurate Currency Codes is a critical part of compliance for businesses using the AutoCount E-Invoice system. Currency codes represent the currency used in transactions and must align with LHDN standards to avoid errors during billing. This guide will walk you through the process of updating currency codes, referencing the official LHDN Currency Code List.

AutoCount E-Invoice: Update Currency Code

Learn how to update the currency code in the AutoCount E-Invoice system, making it easy to handle multi-currency transactions.

What Are Currency Codes?

Currency codes are three-letter abbreviations defined by ISO standards and recognized globally. For Malaysian E-Invoicing, currency codes must match the approved list by LHDN to ensure compliance.

Examples of LHDN-Approved Currency Codes

MYR

Malaysian Ringgit

USD

United States Dollar

CNY

Chinese Yuan

For the complete list, visit the official LHDN Currency Code List.

Why Are Currency Codes Important in AutoCount?

  • Ensures Compliance

    Using approved currency codes prevents submission errors during E-Invoicing.

  • Avoids Billing Mistakes

    Correct codes ensure accuracy in financial reporting and invoicing.

  • Streamlines Operations

    Predefined currency codes simplify the invoicing process for staff.

Steps to Update Currency Codes in AutoCount

AutoCount provides a straightforward process to verify and update currency codes. Follow these steps to maintain compliance and accuracy.

Step 1: Verify Existing Currency Codes

  • Navigate to General Maintenance > Currency Maintenance.
  • Compare the listed currency codes in AutoCount with the official LHDN-approved Currency Code List.

Identify Discrepancies

Look for incorrect codes, such as "YUAN" or "RMB", instead of the correct "CNY" for Chinese Yuan.

Step 2: Update Incorrect Currency Codes

If discrepancies exist, follow these steps to update the codes:

  • Navigate to Tools > Change Code > Change Currency Code.
  • Input the incorrect code (e.g., “YUAN”) and replace it with the correct code (e.g., “CNY”).
  • Click Change to apply the changes.

Best Practices for Managing Currency Codes

Regular Updates

Check the LHDN Currency Code List periodically for updates to ensure continued compliance.

Team Training

Educate your staff on the importance of using correct codes to avoid manual errors.

Test Before Submission

Perform test transactions after updating codes to ensure the system processes them correctly

Standardize Codes

Implement a standard code format across your organization to avoid discrepancies.

Common Mistakes and How to Avoid Them

  • Mistake 1: Using Unapproved Codes

    • Example: Using “RMB” instead of “CNY.”
    • Solution: Cross-check all codes with the official LHDN list.

  • Mistake 2: Delaying Updates

    Solution: Schedule regular reviews of your currency codes and update them promptly when discrepancies are found.

  • Mistake 3: Missing Staff Training

    Solution: Provide training sessions or guides to ensure staff understand and apply the correct codes.

Streamline Your Accounting Process

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Conclusion

Updating currency codes in AutoCount is a vital step to ensure compliance with Malaysian tax regulations and streamline your invoicing process. By referencing the LHDN Currency Code List and following this guide, you can eliminate billing errors and maintain smooth operations.

Take proactive measures to verify and update your currency codes regularly, empowering your business with accurate and efficient invoicing.

FAQs

The system may reject your E-Invoice submission, leading to delays and potential non-compliance issues.

Refer to the official LHDN Currency Code List.

No, you must use the LHDN-approved codes to maintain compliance.

Check and update your codes whenever LHDN releases updates or when discrepancies are detected.

Use the Change Currency Code tool to correct each code individually. For extensive updates, consider consulting AutoCount support.

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