SST Rounding Adjustment - Payment to RMCD

Example :

Example :

ABC Company are registered sales tax. On month of June, the amount of sales tax report ( SST 02) is RM 999.99 ( As per image below) 

SST 02 Report

Balance Sheet

Based on the report above, the total Sales tax ABC Company need to pay is RM 999.99. However, when they do the filing inside the SST website, the amount shown as RM 1000 due to rounding adjustment.

How to record sales tax payment inside ABSS Software.

1) Create a rounding adjustment account Under P&L.

- We recommend creating a rounding adjustment account under Income account. To create this account, kindly go to Account > Account List > Income > Click on New. 

2) Record SST payment using spend money

- Kindly go to Banking > Spend Money > Enter the necessary information. 

Select your bank account. The amount you need to enter inside amount field is RM 1,000. ( Credit side). On the debit side, the account you need to select is the Sales & Service Tax Payable & Rounding Adjustment account.  ( As per the image below)

The amount on rounding adjustment has come from the difference between Sales tax payment inside the RMCD website and SST 02 report inside ABSS Software.  In this case, the different is RM 0.01 ( RM 1000 - RM 999.99)

Based on the report above, the total Sales tax ABC Company need to pay is RM 999.99. However, when they do the filing inside the SST website, the amount shown as RM 1000 due to rounding adjustment.