GST rate changes in ABSS Accounting Software

With effect from 1 Jan 2023, IRAS had notified that the GST tax rate will be revised from 7% to 8%. Also, from 1 Jan 2024, the GST tax rate will be revised from 8% to 9%.

Due to the above GST rate increases, changes and updates would be required to be done in the ABSS software.

Relinking of GST and Tax Code Accounts

The new imported list of new GST tax code rates is required to be linked to the correct GST input and GST output tax accounts. This appropriate account the be linked would be dependent on the account which the user(s) had been using during the reporting of 7% GST transactions

Configuration of system reports for GST tax rates

All system reports such as sales register, general ledger and trade debtors and creditors account will have to reflect both the old GST rate 7% and the new rate being 8% or 9%.

This would be dependant on the period selected when the reports are being generated be it prior or post GST change period.

Update and Configuration of GST Tax code table

All new GST tax codes will need to be configured in excel format, mapped to the correct GST input and output tax account before they are being imported to the ABSS software. After which, test transactions from our end are entered to confirm compliance before completion of the GST update configuration.

Guide to amend customer and supplier tax code defaults

As customer and supplier profiles in ABSS Accounting software have a default tax code which is setup during addition of the customer info in the system, these default settings need to be amended when the new GST tax codes take effect.

Compliance to GST E-tax guide

All new GST tax codes configured and imported into ABSS Accounting software are in line with the GST E tax guide. Kindly refer to IRAS website for details.

Configuration of form templates for new GST rates

If your accompanying invoice, quotation, Delivery order, Purchase order that is customised and being printed out from ABSS Accounting Software, these templates need to be amended and customised to take into account the new tax code rates of 8 and 9% respectively.