Scenario: Key In Invoice from Frieght forwarder with disbursement items
(a) Supplier send a Invoice to you (GADING LIMITED) at USD 10,000
(b) Freight forwarder send you invoices (i.e. Freight service and also Import GST pay on behalf) ;
**You also must have K1 form from Customs for Record Keeping.
Entering the Transactions through SAGE UBS BILLING
(a) for the Supplier Invoice
(b) for the Freight forwarder invoices(i) Create Supplier/creditor as Foreign currency
(ii) Key in supplier Invoice as Foreign currency Invoice (in Sage UBS Billing)
* This is same transactions as normal supplier invoices
(i) There are 3 items that need to be captured i.e. Freight services, GST input tax (freight service) and also Import GST that paid on behalf by the freight forwarder.(ii) Create item for Freight Services as TX (Input tax claimable) and G/L is tied to Purchase(iii) Create item for disbursement item i.e. Import GST - Tax code is OP (Out of scope purchase) and G/L is tied to GST Suspense (i.e. 4830/000)
(iii) Create supplier invoices as per Freight forwarder
(c) Important Steps : Need to use ensure GST INPUT TAX is captured by
(iv) Post Invoices from Freight forwarder to Accounting
(d) Now review Malaysia Tax Report
Here is the screenshot for first transaction (GST Input Tax, Tax code -IM and Taxable purchase)
Second Transaction - Credit The GST Suspense
Accept this Transaction and Exit this transactions