Loan to customers

Customers pawn gold bar to my company for 6 months, and get loan 80% from item value.
The revenue recognized when customers end the contract, they need to pay 80% loan + storage fee to my company, no interest charge on the above loan.

Double entry for loan :
DR Customer  – GST Code?
CR Bank

Double entry for revenue :
DR Bank
CR Customer  – GST Code?
CR Revenue  – SR

Asked on February 7, 2018 2018-02-07 01:51:19 Business (商家)
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2 Answer(s)

Double entry for loan :

DR Customer  – GST Code? Tax code is OP.

CR Bank

Double entry for revenue :

DR Bank

CR Customer  – GST Code?  Tax code is OP.

CR Revenue  – SR

Answered on February 9, 2018. 2018-02-09 01:10:25

Hi CMS,

OP is not allow to key in  A/R Debit Note
I’m actually struggle between OS and ES, which OS need fill in item 15 while ES need fill in 12 in GST-03.

on February 9, 2018. 2018-02-09 01:25:34
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The RMCD announcement states that the change is effective from the January 2018 taxable period. As such, businesses must be prepared to file information on all other supplies from the January 2018 GST return onwards. For those on a monthly taxable period, this means that the information for January 2018 GST return must be compiled and ready for submission before the filing dateline of 28 February 2018.

The announcement also provides some guidance on the definition of “Other Supplies”. In particular, it refers to all supplies that are not declared under Boxes 5, 10, 11, 12, 13, 14, 16, 17 and 18 of the GST-03 return. This includes disregarded and out of scope supplies.

Furthermore, the RMCD has also recently released a revised Guide on Accounting Software Enhancement Towards GST Compliance as at 5 February 2018 (“the Guide”).

This provides additional guidance on the tax codes mapped to Box 15. This is set out in the amended Appendix 4 (Mapping of GST Tax Codes with GST-03 Return) to include the following:

– OS (Supplies outside the scope of GST);

– GS (Disregarded supplies);

– OS-TXM (Supplies made outside of Malaysia which will be taxable if made in  Malaysia);

– NTX (Supplies where no tax are chargeable); and

– SR-JWS (Supplies made by an approved jeweller per Section 73(2) of the  GST Act 2014).

Taxpayers should immediately begin reconfiguring their systems in order to capture the data required to complete Box 15 for the January 2018 GST return and all future returns. Businesses should also consider if they will be able to comply with the above changes within the stipulated time frame and, if not, consider approaching the RMCD for an extension of time to comply.

Revised RMCD Guide on Accounting Software

Other changes to the Guide include the following:

1) The answer to FAQ 4 has been amended to indicate the new address of the RMCD’s accounting software unit for which applications for accounting software/P.O.S testing & evaluation are to be made.

2) The amended answer of FAQ 14 states that it is now mandatory for software developers to obtain approval from the RMCD where a different GAF format/schema other than the GAF format/schema shown in Appendix 7 of the Guide is utilised.

3) Appendix 3 (Recommended GST Tax Code Listings for Purchase and Supply) has been amended as follows:

– The inclusion of a new tax code “IM-CG” which refers to the importation of capital goods into Malaysia.

– The tax codes for exempt, relief and disregarded purchases (i.e. EP, RP and GP) have been removed.

– The tax code “ZP” now includes all acquisitions that are not standard rated purchases, which would include exempt, relief and disregarded acquisitions.

Should you have any questions in relation to the announcement or the Guide, please do not hesitate to contact the GST Officer at the Customs near your place.

Answered on February 9, 2018. 2018-02-09 01:42:34
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