GST Accounting Entries

I have prepared a list of 87 99 common GST accounting entries (the list keeps going longer), complete with examples, tax codes and where applicable references to the GST Act, Regulations, Orders, DG's Panel Decisions and/or GST Guides.

I have also prepared a list of common supplies and purchases/acquisitions and their corresponding recommended tax codes.

For mixed suppliers, I have created a CGA computation worksheet.

All the 3 files are in Excel format.

I have invested much time and effort on this GST project, attended many training and seminars, made numerous phone calls and met up with senior Customs officials and obtained feedback from prominent GST Tax Consultants to prepare the files.

While I do not guarantee that they are in complete compliance with Customs requirements, I am confident they are reasonably well prepared and in accordance with the laws.

If you are interest to have them, I am charging RM300 RM100 for the 3 files.

If you purchase the files, I will continue to support you via e-mails, for a period of 3 months.

Please e-mail me at josephteh@hotmail.com if you are interested.

Thank you all for your participation in this forum.

Best regards
Joseph Teh

GST ACCOUNTING ENTRIES - INDEX

1. Recording Sales Transactions (Standard-Rated Supply)
   
2. Tax Invoice Issued Late (after 21 days from Basic Tax Point)
   
3. Advance Payment received from Customer (without issuing customer Tax Invoice)
   
4. Bad Debt Relief & Recovery (1)
   
5. Bad Debt Relief & Recovery (2)
   
6. Bad Debt Relief Computation
   
7. Bad Debt Relief - When to claim
   
8. Local Zero-Rated Supplies
   
9. Export Zero-Rated Supplies (Customs K2 Form required)
   
10. Incidental Exempt Supply (Financial Services)
    
11. (Non-Incidental) Exempt Supply
    
12. Sale of goods or services where invoice issued or payment received before effective date, but delivery only after effective date (Transitional Issue)
    
13. Disposal of Capital Goods (Fixed Assets)
    
14. Disposal of Manufacturing Waste
    
15. Unexplained Stock Quantity Loss (Actual Stock Count Qty < Accounting Records Qty)
    
16. Non-business or Private Use of Business Assets
    
17. Reimbursement of Expenses
    
18. Disbursement of Expenses
    
19. Recording Purchase Transactions (Standard-Rated Purchase)
    
20. Online Purchase of Stocks from Overseas (print online invoice)
    
21. Supplier Invoices Remaining Unpaid for > 6 Months
    
22. Purchase of Capital Goods (Fixed Assets) - Input Tax Not Blocked
    
23. Purchase of Capital Goods (Fixed Assets) - Input Tax Blocked
    
24. Company Passenger Cars
    
25. Advance Payment to Supplier (no Tax Invoice)
    
26. Refundable Security Deposit (not for contra against payments)
    
27. Retention Sum
    
28. Out-of-Scope Supply
    
29. Consideration Paid for neither A Supply of Goods nor Supply of Services
    
30. Independent Director Who Is Not An Employee
    
31. Gifts of Goods (Gift Rule)
    
32. Gifts of Services
    
33. Purchases from Non GST-Registered Suppliers
    
34. Purchase/Acquisition of Exempt Items (e.g. staff quarter rental and toll charges)
    
35. Loan Received & Interest Payable (Exempt Supply)
    
36. Purchases of Zero-rated Items
    
37. Staff Claims
    
38. Imported Goods (Customs K1 Form & Customs official receipt required)
    
39. Imported Services
    
40. Rental Income from Commercial Properties
    
41. Rights Granted for Life (or for a period ≥ 30 years) by Club or Other Similar Body
    
42. Rights Granted for a period < 30 years by Club or Other Similar Body
    
43. Hire Purchase Transactions
    
44. Residual Input Tax Claim (for mixed supplier)
    
45. Capital Goods Adjustments (CGA) (for mixed supplier)
    
46. Transactions between GST-Registered Group Companies
    
47. Monetary Vouchers
    
48. Non-Monetary Vouchers
    
49. Sale of Monetary Vouchers by Third Parties on Commission Basis
    
50. Sale of Non-Monetary Vouchers by Third Parties on Commission Basis
    
51. Unredeemed Unexpired Non-Monetary Vouchers @ 01/04/15 (Transitional Issue)
    
52. Loyalty Points (for Program Operator)
    
53. Loyalty Points (for Program Operator & Redemption Partner, both same person)
    
54. Expiry of Unredeemed Loyalty Points (for Program Operator)
    
55. Loyalty Points (for Merchants - Program Partner & Redemption Partner)
    
56. Vending Machine Sales (Other than Gaming Machines)
    
57. Consignment Sales (for Consignor)
    
58. Sales of Goods by Agents (for Principal)
    
59. Sales of Prepaid Reload Phone Cards by MOL's Merchant
    
60. Sales of Prepaid Reload Phone Cards by MOL
    
61. Payment of GST
    
62. Special Sales Tax Refund for Goods Held On Hand @ 01/04/15
    
63. Imported Goods under Approved Trader Scheme (ATS)
    
64. Staff Usage over Limits
    
65. Fines & Penalties
    
66. For non GST-registered Companies using GST-compliant Accounting Software
    
67. Sales of Goods under Relief Orders
    
68. Investment Holding Company (IHC)
    
69. Sale/Purchase of Passenger Car (in Seller's Books)
    
70. Sale/Purchase of Passenger Car (in Buyer's Books)
    
71. Provision for Expenses
    
72. Pre-GST Supplier Invoices
    
73. Stock Return/Discount in respect of pre-GST Sales
    
74. Fitness Centre/Gym Subscription Fee billed back to Staff
    
75. Replacement for Lost Staff Access Card
    
76. Accrued Exempt Income
    
77. Accrued Taxable Income
    
78. Simplified Tax Invoice with GST Amount > RM30
    
79. GST Rounding Error in Purchases
    
80. GST Rounding Error in Purchases (2)
    
81. GST Rounding Error in Sales
    
82. Prepaid Expenses
    
83. Tax Invoice Not in Registered Person's Name
    
84. Sale of Prepaid Mobile Phone Reloads (User)
    
85. Supplier Tax Invoice Received Late To Be Taken up Previous Month Because Previous Month is Financial Year End
    
86. Refundable Deposit Collected for Sale Conditional upon Loan Approval
    
87. Input tax Not Blocked But Not Claimable Because Private/Non-Business Purpose
    
88. Tax Invoices Addressed to "CASH SALES" as Recipient
    
89. Purchase of Goods from an Approved Toll Manufacturer (Deemed Supply Made to Oneself)
    
90. JMB/MC for Stratified Residential Property
    
91. Supply of International Services Determined as Zero-Rated Supply
    
92. Refund from HRDF (Human Resources Development Fund)
    
93. Sale of Prepaid Mobile Phone Reloads (Distributor)
    
94. Realised Gain/Loss on Foreign Exchange
    
95. Recovery of Legal Cost
    
96. Margin Scheme
    
97. A Importing Goods on Behalf of B
    
98. Assets Purchased before GST Registration
    
99. Sale of Asset by A Financier in Satisfaction of A Debt