Fixed Assets

The fixed asset module allows the entire life cycle of the Asset to be documented, from the method of acquisition and financing to the method of disposal. Multiple ways to record disposal when assets are retired offers speed and flexibility. Tracking of assets are made easier with multiple ways of grouping assets including by location/branch/department and extension of assets. Allowances are automatically computed and tax adjustments are automatically raised for revenue item capitalised and posted to the Tax Computation.

Income Statement

Audited management account which forms the basis of tax can now be captured as part of the tax computation documentation to provide a complete trace back to the souce document. Accounts that need to be analysed for tax can be transferred into the Analysis of Account, thus allowing system to monitor.

Accounts that have tax implications are automatically transferred into the Analysis of Accounts, and totals are monitored to ensure that balances are consistent. Balances that are to be disclosed are automatically transferred into the Borang.

Analysis of Accounts

The Analysis of Accounts (or Notes to the Accounts) is the Grand Central station of Tax, it is where all transactions can be found. Tax adjustments are automatically created from here and posted into the Tax Computation based on how each transaction is analysed. In addition, expenses that represent assets that are to be capitalised, will result in Assets being automatically created and the capital Allowances computed and posted into the Tax Computation.

Provisioning of Expenses

Provisioning of expenses such as doubtful debts is achieved through the Analysis of Accounts, where general or specific provisions can be made against each of the movements. Each provision is then automatically tracked and the relevant Tax Adjustments made to the Tax Computation.

Electronic Filing

The final Borang can be electronically transferred to the LHDN, or printed into the PDF forms for submission. The automated login, ensures that staff do not need to be given access to the e-filing, and then then removes the possibility of changes being made after the submission has been finalised.