How to Set up A Simple and Effective Filing System

How to Set up A Simple and Effective Filing System

Most of the business owner usually facing a headache problems that’s no idea how to set up a proper and organize filing system due to lack of knowledge and resources. Filing is the most time costly jobs and if the documents not file in a proper way, it would be created a critical situation such likes incomplete documents, misplaced invoices, missing payment records, unable recalled collections i.e. cheques, cash or bank in slips.

The influence of non-organize filing system were result a lot of unknown payments and receipts then the management account will facing the difficulty when key in data entry due to incomplete information and finally may result delayed in processes to final management accounts, audit and even tax filing, which finally the late payment penalty may be imposed.

By briefing to the above, it is clear to note that the how importance to set up a simple and effective filing system as it is a base of whole processes. A proper and organize filing system not only make the company more productive, also can simplified the processes and less stressful.


Simple Step to Set Up Simple and Effective Filing System

Filing actually is a sector which not much technical knowledge and accounting skills are require to comply to but with a common understanding, just a simple way can be effectively to organize a proper filing without too long time spending.

Open 10 Files According to Categories:-

1 Invoices – filing according to the invoice numbers included the cancelled or void invoices – to avoid invoice missing
2 Bank statements – filing according to the individual bank account and by month consistently – to make sure no bank statements missing
3 Bank In Slips – filing according to the date with remarks details of payment received (from who, invoice number & amount)

– attached with Official Receipts if any

– advisable to keep a Photostat copy of bank in slip in case the paper faded

– to cross check with the bank statements if any inwards cheque returned
4 Payment vouchers – filing according to cheque numbers or payment vouchers (consistently)

– Must attached with the supporting documents i.e. purchase invoices which the total certain bills amount should be equal as payment made

– details of cheuqes payments or bank transfer must be stated in the vouchers

– for the construction, developer, investment companies, advisable to put the remarks of the project titles, investment units and separated by using divider.

– To avoid any supplier invoices misplace after payment was made


5 Petty Cash Vouchers – details of cash payments or expenses claims by the company’s staffs or directors or business owners, by the name of person in monthly basis

– all the expenses bills advisable to make a photostat copy in case the bills faded

– to compile bundle of tiny expenses bills into one claim in every month, this may safe  time on filing jobs and cash control.
6 Unpaid Creditors File – bills or expenses not yet paid or settled – to avoid double paid to suppliers
7 Correspondence File – a) Correspondence with bankers

– b) Quotation to Customers

– c) Quotation from Suppliers

– for management control purposes
8 Human Resources file – a) Staff profile

– b) Payroll summary, payslips

– c) EPF / Socso / PCB Tax

-for management control purpose
9 General file – a) Commission calculation for Sales persons

– b) Projects files

– c) Licenses, Tenancy Agreement, Contracts, Hire Purchase Loan Agreement & etc

–  d) Credit card statements being expenses or purchased by directors in form of fund injected without cheque of bank or cash payment being made to them

-for management control purpose
10 Custom / GST file – All imported documents related to Kastam i.e. Kastam Duty Form to be keep in an individual file (whole set)

– Monthly GST submission form GST-03, together with related report supported the amount in GST-03 to be keep in the individual file

– for management control purpose




Tax Filing and Annual Return Submission in Malaysia

Tax Filing and Annual Return Submission in Malaysia 

All the companies established in Malaysia under the SSM (Suruhanjaya Syarikat Malaysia) which also known as CCM (Companies Commission of Malaysia) are required to hold the Annual General Meeting (AGM) and submission of Annual Returned and Tax Filing to the relevant government department every year.

There are two (2) related government department to be reported:-

  • Lembaga Hasil Dalam Negeri (LHDN) – Income Tax
  • Suruhanjaya Syarikat Malaysia (SSM) – AGM and Annual Return

Whatever sizes of any Sdn Bhd company, after one year or a certain period of running up a small, medium or big business or in dormant status, it is a must for all the Sdn Bhd companies to final their accounts and send for audit to fulfil their obligation to submit the company’s income tax and annual return to the respective government department.

Thus, as a business owner or directors is a must to know the meaning and importance of what are the procedure to file the income tax and annual return.

The assignment to complete the tax filing and submission of annual return consist of the following 4 processes:-

  • Management Accounts (by Accountancy or Self-Employed Staffs)
  • Audit Reports (by Appointed Audit Firm)
  • Tax Filing (by Appointed License Tax Agent)
  • Annual Return Filing (by Appointed Company Secretarial)


When to Get Ready for the Processing of Tax Filing and Annual Return

Generally, whole procedure to complete the above-mentioned 4 processes would request for about 3 months period. It is importance to understand the due dates of your company, then only able to plan when to hand over all the relevant accounting documents or files to the concern department for their further actions.

Below is an example for ABC Sdn Bhd company’s due dates of each registration and filing:-

Date of Incorporation 2 January 2015
Date of Financial Year End 31 December 2015
Date of Annual General Meeting 30 June 2016
Date of Income Tax Filing 31 July 2016

To avoid from any late penalty charges by LHDN and SSM, the directors of ABC Sdn Bhd have to gather all the accounting documents and arrange with the Accounting Firm to handover all the files, documents and etc to for further processes as below schedule:-

Tips on tax filing in Malaysia










GST Penalty Of Late Filing in Malaysia

Notification of Penalty Due to Failure/Late Payment of Goods And Service Tax (GST) Malaysia

In accordance with amendments made to Section 41 of the Goods and Services Tax Act 2014, with effect from 1/1/2016 failure to pay the amount of goods and services tax to be paid within the period specified will be penalized. Imposition of penalties will start for the taxable period for which tax payments are due and on 31/1/2016.

The calculation of the penalty will be based on the number of days the tax due is not paid as per the table below:-

Tips to Maintain Books Record by Management

Tips to Maintain Books Record by Management

With maintaining a proper bookkeeping record it would be a necessary to any type of company especially those developing and expanded SME (Small Medium Enterprises). It would benefits the management to update the business daily routine in an organize system.

Normally, the management bookkeeping records could be categorize into 4 topics that’s Sales, Bank, Cash and Projects.

To simplify and reduce the complicating and time cost spending, a simple and straight forward method book records to be created as below:-


As such, the management can easily to excess the cash status of company based on the records.


All You Need to Know About Accounting Service in Malaysia

All You Need to Know About Accounting Service in Malaysia

All About Accounting Services Malaysia

To recognize about the accounting service Malaysia as well as bookkeeping service in Malaysia, as well as accountancy plans are often transforming. As an active business owner, there are lots of accountancy responsibilities that you should abide by, from company established, new application of various federal government division, submission of GST, declaring of Company Tax and also Annual General Meeting (AGM) to SSM and all relevant conformity at the end of year. There is a lot more to be taken into consideration– all of which could be difficult and also time consuming. Additionally, a number of them are incredibly tough to be evaluated in a clear fashion. To stay on top of the modifications, you need to devote significant funds along with have your employee do so.

Accounting and bookkeeping advising companies offered by SH Wong Management Services, Malaysia is a feedback to the need for consistent upgrading of legal expertise of your staff members. We will certainly preserve you enlightened relating to any changes in tax obligation policies that influence your responsibilities connected to commercial property. Providing contracting out accountancy and also bookkeeping services and monetary details to our clients in a timely and also accurate fashion with giving far better advice is a commitment that we really feel cannot be jeopardized. Our solutions are classify right into bookkeeping services, accounting outsource and also monitoring services.

Why Choosing Our Bookkeeping Services

1.It is cost-effective for you

You will certainly expect to see little cost saving yet do not make this your main purpose. Your main motivation for outsourcing your accountancy or accounting ought to be improving, financial reporting as well as ideas. One item of recommendations from SH Wong Management Services, Malaysia presently might conserve you tens of countless bucks later on.

2. You can depend on our knowledge in accountancy & GST

SH Wong Management Services is a company based in Kuala Lumpur (KL) & Selangor, Malaysia, with 10 years of professional accounting experience in addition to staffed with numerous experienced lawful accountants dedicated in order to help you in preparing high quality records and providing you helpful insight as well as options for your business. Instead of depending on someone to know every little thing concerning your business’s accounting, and wishing that is solitary accountant understands precisely what he or she is doing, you can access a group of professional accountancy experts with encounter handling GST.

3. You say goodbye to need to stress over depending on an unqualified accounting professional or accountant.

You get a devoted group that knows your business in addition to the most effective means to use the monetary plans to your books. You get a second collection of eyes on financial report we provide without the expenditure of framework and also maintaining an accountancy division.

4. Obtain prompt as well as accurate financial data

Our regimented month end closing process will definitely ensure that your records are punctual and precise. We will certainly deliver these records monthly as well as assess them with you. Having a set of timely in addition to trusted financial records uses in your company choice making procedure.

5. Allows you to focus on your core business

By allowing us to do your accounts, you not should fret about training your accounts officers and overlooking their work. This will definitely optimize your time to allow you focus on your business home.

6. Keep clear of penalties prompted by GST Errors

You might have committed mistakes in your accounting in addition to accountancy due to lack of updated proficiency in GST. You will be worry-free with the help of our GST certified accounting professionals, you could be confident in your GST Return entry and require not to stress about Customs seeing you for an audit check. You not need to hurry for due dates to avoid charges as your accounting records prepare timely in our good hands.

7. Great deals of documents delivery at your comfort

Presently SH Wong offer on free delivering your bookkeeping documents to any type of among located in: Pudu, Bandar Baru Sri Petaling, Bandar Puteri Puchong, Damansara Uptown and Serdang. We are expanding rapidly as well as a lot more upcoming branches will be established. You can drop in at the regional branch most convenient for you.

8. Bookkeeping service fee routine

The charges for our solutions generally depend upon the dimension and also intricacy of your firm. Please locate herewith an instance of our accounting charge for a little range business for your referral.