As you must already know by now, the Ministry of Finance in Malaysia has announced that from June 1st, the GST in Malaysia will be zero-rated. If you want to know more about how it affects your business, you can read about it here.
In the meantime, in order to get you compliant with the updated GST rates, and to minimize the amount of effort you'll have to put into changing all your prices, we've developed a one-click GST price adjustment tool to help you adjust your prices in bulk!
Read on to learn how to access this tool.
One-Click GST Price Adjustment Tool
Step #1: Log into your BackOffice
Step #2: Go to Settings > Account
You'll see Product Price and GST Adjustment added to your Danger Zone list under Account Ownership Transfer and Reset Account Data.
Step #3: Click on Adjust
Step #3: Select your desired price-adjust option.
Clicking on "Adjust" will introduce a pop-up with 3 price-adjustment options.
Assuming your item is priced at RM10 inclusive of GST (RM9.43 + RM0.57 = RM10.00).
- Zero-rate your GST only
This will update your item prices to the base price + RM0.00 (GST). This means the new price will be:
RM9.43 + RM0.00 = RM9.43.
- Zero-rate GST and round item price to the nearest RM0.05
This would update your item price to your base price, and round it upwards or downwards. E.g.RM9.43 + RM0.00 = RM9.43 (base price would then be rounded up to RM9.45)
RM9.41, RM9.42 will be rounded down to RM9.40
RM9.43, RM9.44, RM9.46, RM9.47 will be rounded up/down to RM9.45
RM9.48, RM9.49 will be rounded up to RM9.50
- Zero-rate GST and maintain current prices
This would zero-rate your GST but maintain your existing prices. This means all your base prices in the back end would be updated to the current price.
E.g. RM9.43 + RM0.00 = RM9.43 (base price would then be adjusted to RM10.00)
Amending the prices using any of these options will change your default tax to SR = 0%.
Step #4: Once you've selected your option, type GST in capital letters and click on Confirm GST Adjustment
This is a one-time process and cannot be undone, so be sure on your price adjustment strategy before doing this
Step #5: If all goes well, you'll see this screen and wait for your email confirmation.
This process may take up to an hour and you will receive an email to mark the completion of your price update.
Step #6: Sync your iPad registers.
After you have received the email (and only after you've received, not before), you may sync your iPad registers in order to reflect the updated prices.
Syncing your iPad registers before you've received the email confirmation will result in a failure to update prices.
If you would like the price/GST adjustment made on 1st June 2018 at 12.00am, we recommend that you perform the changes the night before (31st May 2018) after closing your shift
- The Malaysian Customs Dept released an FAQ that states that when you submit your GST-03 statements, all sales made after June 1, 2018 should be filled in column 5 (a) of GST - 03. As such, StoreHub will convert all products with the tax code SR from 6% to 0% to comply with this directive.
- If you close this window accidentally, it will NOT interrupt the price adjustment process.
- If you have pre-orders before 1st June (goods with GST included), but your customers will only be paying you after 1st June, please refer to this article on how to prepare for it BEFORE you proceed with the steps in this guide.
- If your products have variants and add-on pricing, the price changes will be processed separately. For example, if your base price is 10, and the add-on price to the variant is 2, then your new price will be the sum of each of the new pricing.
- Prices can only be adjusted once. If you have already selected and confirmed one option, trying to adjust again would not change your pricing again.
- Price Books are not affected by this setting. You will need to adjust your Price Book pricing manually if required.
- If your operations run past midnight on the 31st, you should close the shift before midnight, perform the pricing changes, then open a new shift after midnight.