Own Used or Disposal

This support note is suitable for.

• ABSS Accounting v27.1
• ABSS Premier v22.1

Introduction

From 1 September 2018, the Sales and Services Tax (SST) will replace the Goods and Services Tax (GST) in Malaysia

How to record stock used for own consumption.

To record Stock used for own consumption, you need to follow step below :

1) Enter sales

Go to sales > enter sales > enter two line of the transaction.

 i) You need to enter two line of the transaction which is first line is positive amount. Example the quantity is 1, amount is RM 200 ( exclusive SST) and select the disposal tax code (D5,D6 or D10).

ii) Second line, you need to enter the same item number, but without the quantity. You only need to enter negative amount is which is -RM220 ( Inclusive SST) and tax code is N-T. ( Refer image below)

 When you recap the transaction, you may see the double entry as per below : 

Your total income account is less by RM20 (Tax amount)

2) Pass a journal Entry

When you record sale transaction with SST, you may see your sale income is less RM20 ( Tax amount portion), so you need to pass a journal to increase back your income account and pass to your expense account. 

The reason why we need to pass to expense account is because when company need to pay any tax, is consider as company expense. The double entry as per below :

3) Generate Tax (Detail-Accrual) report

Go to report > GST/Sales Tax >Tax (Detail-Accrual) > select correct period.

Report customization > Finishing > make sure Display Sale Value and Purchase Value is Tax Exclusive. 

Click on Display : 

The total figure for disposal will appear in tax detail accrual report, Example as per report above the taxable amount is RM 200.

4) Manually enter RM200 to your SST 02 website for SST submission.