Accounting for GST with MYOB

MYOB has transitioned thousands of SMEs in Singapore, New Zealand and Australia to GST, and are well positioned to help Malaysian SMEs.

• Easily calculate and track your GST
• Automatically generate your GST and know at a glance where you’re at with your tax deductions

With the latest versions of MYOB, Accounting v20 and Premier v15, the standard GST tax codes are already setup for you.

Setting up MYOB for GST

Step 1 - Setup GST tax code in MYOB

• Click on lists from the menu bar at the top, then click Tax Codes
• In the Tax Code List window, click New. If you already have a GST tax code in the list, click on the arrow next to the tax code to edit it.
  
  
• Enter the following details:
  
  
  
  
  1. Enter the relevant GST Tax Code in the Tax Code field. For a list of GST Tax Codes please see GST Tax Codes & Rates
  2. Enter the relevant GST description in the second field.
  3. Select "Good & Services Tax" from the Tax Type list
  4. Enter "6%" in the Rate field. GST is set at 6% for Malaysia.
  5. Linked Account for Tax Collected
     This is a liability account that tracks all GST that your business has invoiced to customers. It is a liability account because whatever GST your business invoices and collects must accounted for and paid to Jabatan Kastam on a quarterly basis. Create a new account for this if you do not already have one, and select it here.
  6. Linked Account for Tax Paid
     Tax Paid is an asset account which tracks GST that you business has paid for purchases and expenses. It falls under Assets because your business is entitled to either set off such amount paid against what was collected, or apply for a refund from Jabatan Kastam. Create a new account for this if you do not already have one, and select it here.
  7. Linked Card for Tax Authority
     In Malaysia, the GST Authority is Jabatan Kastam. Create a card for Kastam and select it here.