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E-Invoice Accounting and Its Implementation Mechanism

30 Aug, 2024, CONCORDE HOTEL KUALA LUMPUR

IPA Training is Registered with

Venue Details

CONCORDE HOTEL KUALA LUMPUR
2 Jalan Sultan Ismail, 50250 Kuala Lumpur,

https://kualalumpur.concorde hotelsresorts.com/


Contact us

FOR COURSE DETAILS

Juliany,

Office: 03 2283 6109

Mobile: +60 122281247

juliany@ipa.com.my

Phoebe,

Office: 03 2283 6100

Mobile: +60 193637822

phoebe@ipa.com.my

Bee Teng,

Office: 03 2282 6112

Mobile: +60 172566121

beeteng@ipa.com.my

FOR CUSTOMISED IN-HOUSE TRAINING

Jane,

Office: 03 2283 6101

Mobile: +60 129418251

jane@ipa.com.my

Keith,

Office: 03 2283 0000

Mobile: +60 162272735

keith@ipa.com.my

ADDRESS

A-28-5, 28th Floor, Menara UOA Bangsar,
No.5, Jalan Bangsar Utama 1,
59000 Kuala Lumpur

FOCUSING ON
  • Fundamentals of E-Invoice
  • E-Invoice Mechanism
  • Application for Accounting & Other Business Transactions
  • Readiness for Implementation
OBJECTIVES

The application of E-invoice in billings of commercial activities and the capturing of cost in Accounting and for tax purpose as announced by LHDN to be implemented in phases from August 2024 onwards, is not solely a tax matter of about how much tax to pay or when to do your tax filing. A major part of it is all about your Accounting for the Revenue and Cost of the organization and the Business Operation at large, such as Sales, Purchasing, HRM, IT and all other operating staffs.

Hence this course is to provide the necessary content of E-Invoice mechanism and to equip all Accounting and Other Operational Staffs on the organization’s requirement to implement E-Invoice as per LHDN’s requirement.

The need to know when to issue an E-Invoice to customers to capture the revenue, when to issue self-bill invoice to capture the cost, when suppliers are not required to issue E-invoice but require to issue consolidated E-invoice, etc. are all essential knowledge and skills that all staffs in the organization’s accounting and other departments will need to know and possess. This Course is designed to achieve that goal.

It is therefore essential that all the Accounting and other Operational function staffs, get equip with the E-Invoice mechanism in our daily Accounting and Business operation. This Course will equip you to do just that.


AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Understanding the mechanism of E-Invoice.
  2. Developing skills for issuing invoice and managing communication to handle validation errors, rejections and cancellations.
  3. Handling E-Invoice for different types of Business & Accounting Transactions.
  4. Preparing and get ready for E-Invoice implementation.
  5. Gaining guidance on actions to be taken to capture revenue and cost for your business operation and for tax purposes.
WHO SHOULD ATTEND
  • Entrepreneurs, Business Owners & Directors.
  • Accountants, Accounts Executives and all operational Accounting Staffs
  • Company Secretaries and Secretarial Assistance
  • Other Functional (Sales, Purchasing, Human Resource, etc.) Managers, Executives and Staffs
  • All other persons who are involved in and/or interested to learn about E-Invoice mechanism
METHODOLOGY
  • Interactive Lectures
  • Discussion
  • Questions & Answers
COURSE CONTENT
9:00

FUNDAMENTALS

  • What does E-Invoice entail in comparison with current invoicing practice?
  • E-Invoice Processes and steps.
  • Compulsory and Optional information to be disclosed for E-Invoice
    - Compulsory fields – what to put in
    - Optional fields – purpose of putting in.
  • Additional information to be disclosed for
    - Cross border transactions
    - Drop Shipment
  • Worldwide development of E-Invoice and its implication on tax
  • Malaysian implementation threshold and phases.
  • Scope of coverage: - (i) Parties, (ii) Documents and (iii) Transactions.
  • Parties and Activities exempted
  • Impact of E-Invoice on business operation after full implementation by IRB w.e.f. 1/7/2025.
  • Scenarios of one party implemented E-Invoice and dealing with other parties have not.
  • Scenario where one party is exempted whereas the other party is not.
  • Benefits of E-Invoice to government and to tax payers
  • Penalties for non-compliance

10.45

E-INVOICE MECHANISM

  • Two transmission mechanism and the
    steps involved:
    - IRB’s MyInvois model (cloud based)
    - Application Program Integration (API) model
  • Salient Points including:
    - E-Invoice Creation and submission to IRB for validation
    - Error in Validation, Rejections and Cancellation
    - Notification of validation, rejections and cancellation by IRBM
    - Sharing of E-Invoice to customer
    - Window time for rejection/ cancellation of invoice by buyer
    - Storing of E-Invoice in IRB’s porter and its dash-board services.
1:00 Lunch
2:00

APPLICATION OF E-INVOICE FOR ACCOUNTING OF BUSINESS
TRANSACTIONS

  • Issuance of E-Invoice:
    - Individual transaction E-Invoice
    - Consolidated transactions E-Invoice
    - Industries where consolidated E-Invoice is not allowed
    - Self-billed E-Invoice for specific situations
    - Periodic basis E-Invoice
    - E-Invoice Deadlines
  • E-invoice treatment for:
    - Reimbursement and Disbursements,
    - Penalties charges
    - Employment perquisite and benefits etc.
    - Employees Claims – Mileage, Entertainment, Hotel, Tolls, Parking,
    Telephone, Grab Car travelling, Medical,
    Overseas expenses etc.
    - Import and export transactions
    - Commission payment to agents,
    dealers and distributors
    - Loyalty and Volume Rebates /
    Discounts given to customers
    - Interest received from Banks
    - Interest charge to employees’ loan/ advances
    - Interest payment to Banks, HP and Insurance Loans
    - Sales with trade-ins like car, goldsmith etc.
    - Profit distribution
    - Foreign income remit back to Malaysia.
    - Rental or expenditure incurred from exempted parties
    - E-Commerce treatment
    - Utility Bills under Landlord’s name.
    - Consignment sales – Domestic and overseas.
    - Sending of goods to be kept in
    overseas warehouses
  • - Sales of cash vouchers
    - Issuance of cash vouchers on target purchase
    - Payment to Foreigners who are non- employees
    - Sponsorship for company events, like annual dinner
    - Pay for training and allowance for customers’ staff for training
    - Inter-branch sales
    - Advance payment to suppliers
    - Received Insurance compensation
    - Disposal of total damaged goods after
    insurance compensation.
    - Recoup of insurance claims from the fault party’s insurance.
    - Developer pays legal fees, stamp duties etc. on behalf of buyers.
    - Developers pays guarantee rental to
    property buyers
    - Money Lending, and
    - Many, many more other situations will be shared with participants for
    learning together

3:45

READINESS FOR IMPLEMENTATION

  • Avenue/Guide for Taxpayers familiarization
  • Steps to take – What should you do now
    - Employees handbook
    - Policies and procedures for different basis of E-Invoice – (see session 3a)
    - Gap arising and resolution on the
    current invoice, D/N and C/N
    issuance process vs. the current
    business processes
  • Grants and Tax incentives available for E-Invoice implementation
  • Change Management
5:00 End of Course