Countries and tax¶
When a company is set up it gets a country pack: its base currency, its tax codes with their full rate history, the tax accounts those codes post to, the statutory leave types and a standard chart of accounts.
| Pack | Base currency | Tax | Return | E-invoicing (module) |
|---|---|---|---|---|
Singapore (SG) |
SGD | GST, at the rate in force on each document's date | IRAS GST F5, box by box | InvoiceNow (Peppol) |
Malaysia (MY) |
MYR | Sales tax and service tax (SST), with the MyInvois tax types | Tax Return report, SST | MyInvois |
Tax codes and rates¶
Setup › Tax Codes & Rates lists every code with its rate history. Rates are effective-dated: when a rate changes, a new rate is added from the date it applies, and documents dated before it keep the old rate. Never edit an old rate to the new figure; that would recalculate history.
The tax return (Reports › Tax Return) refuses to give you a figure to file from if any line was left out: a line with no tax code, a code from the wrong country, or a code that maps to nothing. It lists exactly what was excluded and how much.
Watch out
The rates and classifications in a pack are researched, not professional tax advice. Have your tax adviser confirm the codes before your first return, especially for Malaysia.
The chart of accounts¶
Every company shares a standard set of accounts that the system posts to automatically: receivables, payables, stock, goods received not invoiced, tax, exchange gains and losses, bank charges and others. You can rename these, but not renumber or remove them. Add your own accounts beside them under Lists › Chart of Accounts.
Companies in both countries¶
A group with a Singapore and a Malaysian company runs both as subsidiaries in one system, each with its own currency and tax. Consolidating them needs the Group Finance module. Ask support to add the second country to your account.
Other countries¶
Packs for other South-East Asian countries are planned. If you need one, tell us: a country whose tax works like GST is a short piece of work, one with a different kind of tax is a larger one.