INTRODUCTION

In today’s computerised accounting world, accounting staff may perform very specific duties as part of the accounting process.  They may be involved in one specific area like handling accounts payable, accounts receivable, payroll, cash book, etc.  As a result, they are often very focused in their respective areas of work that they may not be aware or knowledgeable of the other important areas in accounting.

With the advancement of computerised accounting packages, the accounting process is somewhat isolated and as a result these staff do not see the physical transaction taking place.  This may lead to a lack of understanding of the accounting process.  Knowledge in these other areas of accounting will enable the staff to contribute more effectively to the organisation.

The Government intends to implement e-invoicing in stages starting from 1st August 2024 to Enhance the Efficiency of Malaysia’s Tax Administration. Accounting personnel will need to have a good understanding of the process from both an Income and Expenses perspective.

The Accounting staff need to be very familiar with the mechanics of issuing

e-invoices so that it can be validated by LHDN and passed on to the customers. This will ensure prompt processing of e-invoices and payment from customers.

They will also need to understand the impact of e-invoicing on employee benefits and claims so that these expenses can be claimed by the company for tax purposes without problems.  

OBJECTIVES

This course will enable accounting staff to do the following: -                                                           

• Understand the accounting process and its concepts
• Improve their skills in recording accounting information
• Appreciate how their job function contributes towards the preparation of financial statements
• Communicate more effectively with their superiors
• Thoroughly understand e-invoicing and how it impacts the company’s Income and Expenses and their job function.

This course would enable accounting staff to understand and appreciate the steps performed in the accounting process and their contribution to management decision making.

WHO SHOULD ATTEND

• Accounts Clerks
• Accounts Assistants
• Costing Clerks
• New Accounting personnel

COURSE OUTLINE

MODULE1 

INTRODUCTION

• What is Accounting?
• Accounting Process
• Role in today’s business
• The Accounting Equation

• Transaction Analysis
• Exercise

MODULE 2

THE RECORDING PROCESS USING THE DOUBLE ENTRY

JOURNALS & POSTING TO LEDGER

• The Creditors Ledger
• The Debtors Ledger
• The General Ledger

• Assets
• Liabilities
• Capital
• Revenue
• Expenses
• Extracting the Trial Balance
• Financial Statements
• Exercise 

MODULE 3

E-INVOICING

• What is e-Invoicing?
• Types of transactions covered
• Types of e-Invoices
• Situations where e-Invoice are not required
• E-Invoicing overview and workflow
• Digital certificate
• Transmission mechanism of e-invoice to LHDN for validation
• Steps involved for E-Invoice from creation to reporting
• 51 fields in an e-Invoice
• Transactions with consumers (B2C)
• Consolidated e-Invoice requirements
• When is Consolidated e-Invoice not allowed?
• Employment benefits and staff claims
• What is Self-billed Invoice and When It Is Required?

MODULE 4

ADJUSTMENTS AT FINANCIAL YEAR END     

• Cash Versus Accrual Accounting
• Matching Principle
• Accrued Expenses
• Prepayments
• Impact on Financial Statements
• Exercise

ACCOUNTING FOR FIXED ASSETS

• Historical Cost Concept
• Depreciation – Calculation & Recording
• Gain or Loss on Sale
• Impairment
• Impact on Financial Statements
• Exercise

MODULE 5

PREPARATION OF FINANCIAL STATEMENTS WITH ADJUSTMENTS 

• Income Statement
• The Balance Sheet
• Exercise