As a incorporated Sdn Bhd company, we have to submit various reports and listing to our auditor before submitting tax to LHDN each year.
Here is the step-by-step and to-do list that would take us almost 3 months to complete.
1. Get out the annual EPF Statement
2. Salary listing and EPF Statement is matching
Make sure the amount and month in salary listing and EPF statement is matching well
- Be aware that PENYATA CARUMAN MAJIKAN (e-POSTED LIST) BAGI CARUMAN BULAN 01/2019, is in fact for December 2019
3. Payroll Listing
Total gross salary will be different than in system. This is normal because in accounting system, the month might delay. For example, in Excel January 18 will show as February 18 in accounting system. When we are submitting tax, follow Excel listing.
4. Form E
When the financial year is over, let say we are doing account for financial year 2018, when it’s January 2019 and you think you are ready for the race, you can start preparing the E-form.
Go to ezHasil, log in with director IC and password, then go to e-Borang, choose e-E for Tahun Taksiran 2018.
- In our case, benefits-in-kind refer to the company vehicle that we let employee to drive all year long.
- For example, one of the employee was driving company car and all petrol expenses was bear by company. In this case, his gross salary has to add extra RM6,500.00 per annum (depending on car’s price and year of manufacturing). Benefit in kind was not shown in accounting system and payroll listing. For example, gross salary was RM80,807.95 in financial year 2018, benefit-in-kind was RM6,500.00, then in CP8D, we will record “Total Gross Remuneration as RM87307.00
4. Clear all the accruals…
- Go to Accounting system, generate Balance Sheet ended on December 2018. Accruals account will be shown under current liabilities
- Accrual Staff salaries
- Accrual Staff wages
- Accrual Director Remuneration
5. Opening Balances are synchronized with previous year account
6. Bank Reconciliation
7. Clear all Cash customer and irrelevant supplier with ‘Cash on Hand’
8. Make sure ‘Cash-on-hand’ is legit
Debit Sub Con Wages Credit Cash on Hand
- Accrual Staff salaries (Liew Kin Hong)
- Accrual Director’s Remuneration
9. Submit Form E, best before April
10. Prepare a series of listing for accrual account
- accrual insurance
- accrual staff wages
- accrual sub con wages
11. Make sure the cash supplier was paid by cash at December 2018
- check at supplier aging, then at list of bills and payment
- else you will receive something like this from auditor
12. Sundry Payables
We refer to sundry payables in BALANCE SHEET, not in ‘print ledger’. Sundry payables should have a credit balance, means that in balance sheet it’s not in a (round bracket), which indicates a negative amount.
13. Finally, we can send some files to our auditor, so that auditor can assess our account.
- Trial Balance for December 2018
- General Ledger from January 2018 to December 2018
- Supplier Ledger for December 2018
- Customer Ledger for December 2018
- Balance Sheet
- Profit and Loss
Monthly to do
1. Updating excel salaries to AMS salaries monthly
2. Since we didn’t do the monthly payroll for factory workers, we need to change all the
DT Staff Wages RM9,527.00 CT Cash at Bank
DT Accrual Staff Wages RM9,527.00 CT Cash at Bank
3. Monthly utilities – Celcom Unifi Road tax Insurance
At the same time, make sure the excel salaries and wages is now updated accordingly into AMS