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LATEST UPDATES – Ver 1.3.29

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Syafrie Shafie
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Financio Version: 1.3.29 | Release Date: 21 Nov 2019 (Thursday) 

Key Highlights in release Ver 1.3.29:

  • We have added account level function. Chat of account with 3 Level : Main Account (Asset), Header Account and Sub account.
  • Flexible first financial year, now support 1 - 18 months financial period for the first financial year.  
  • Added 3 new templates for invoice.
  • Improve statement of account and reconciliation report presentation. 
  • Updated SST Compliance [MY Users] 

PREMIUM ONLY UPDATES

No.

Description

Note

1

3 exciting new templates

 

3 exciting new templates for:

  • Quote, Invoice, Bill - Purchase Order
  • Payment Voucher, Payment Receipt - Refund Receipt
  • Credit Note, Delivery Note.   - Statement

To change invoice template: Go to “CONTROL PANEL” > “BUSINESS SETTING” > “FORM DESIGN”

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2

SST Compliance [MY Users] 

Service tax Due

Requirement from Royal Malaysian Customs:If not received any payment within 12 months from date of service was provided, shall be due on the day following period of 12 months.

 Now you can see the new field for service tax date ( applicable for service industry).

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If service already provided but payment not received after 12 months, Financio will automatically file it to SST Detail report based on Service was provided date.

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 3

SST Compliance [MY Users] 

Imported Taxable Service

Requirement from Royal Malaysian Customs: When the payment is made or invoice is received for the services (whichever is earlier)

Case A: Invoice earlier - Follow invoice date

The example Invoice date is on 13 Nov 2019 and the payment date is on 28 Nov 2019. So SST for imported taxable service will base on invoice date.

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SST report

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CASE B: Payment received earlier than the invoice date:

Invoice Date is on 6 May 2020  Payment Date is on 4 Mac 2020. So the SST report will follow Payment date.

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4

SST Compliance [MY Users] 

Invoice requirement for exemptions service tax 

Requirement from Royal Malaysian Customs: The invoices must include Name & Address of the customer, Service Tax Registration No and Total Service Tax Exempted.

Invoice Requirements for “Service Tax Exempted”

  1. Show company name and company address.
  2. Show the company’s “Service Tax Reg No” above your customer’s company address.
  3. Show “total service tax exempted as  “B2B Exemption” just below “SST 6%” and above the Grand Total value.

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5

SST02A Service tax has option between accrual and cash basis  [MY Users]

 To add SST-02A into your tax:

  1. Go to “CONTROL PANEL”
  2. Click “TAXES”
  3. Click on the “+” symbol at bottom right of the page.
  4. Below pop-up will appear. Under “TYPE”, kindly select “SST-02A”.
  5. Under “Set Service Tax”, you have option to select “Cash Basis” or “Accrual Basis”

Click “SAVE” to finalize your tax setting.

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6

Integration with RHB  [MY Users]

Now Malaysia users can link the Financio account with RHB bank. To activate this integration function : 

  1. Go to “CONTROL PANEL”
  2. Click “INTEGRATED APPS”

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    3. You will see “RHB Bank Berhad”, click “CONNECT” to connect                your Financio account with RHB Reflex. 

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7

PayNow QR code is available on all 6 Invoice Templates  [SG Users]

Previously only Template No 1 support the PayNow QR. However due to popular request, we added this to all invoice templates.

 

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We relocated the PayNow QR setting to below new location:

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  1. Go to “CONTROL PANEL”
  2. Click “INTEGRATED APP” >  “PayNow”
  3. Click “SETTING”
  4. Once you enabled SG PayNow, you will be required to insert your Company Name and UEN No.

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If you have not register PayNow Corporate for your business yet, click at the “CLICK HERE” under PayNow Settings.

We listed all banks that support PayNow, simply click your bank logo to get more information:

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IMPROVEMENTS (ALL USERS)

No.

Description

Note

1

Account level ( With Sub-Account, you can create group under Chart of Account.

With Sub-Account, you can create group under Chart of Account:

Example as per below : 

Utility Expenses (Main):

  • Water Bill (Sub-Account)
  • Electricity Bill (Sub-Account)
  1. To add new sub-account: Go to “Control Panel” > “Balance Sheet Accounts”.

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    2. Click on “New Balance Sheet Account”:

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     3. If you want this new account to be a sub-account, click the               toggle and select the Parent Account. Then click “SAVE”.

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 NOTE: You can also add sub-account for CATEGORIES ( Profit and Loss Accounts)

2

First financial year, user can Setup from 1 - 18 months financial period for the first financial year

 To edit “First Financial Year Period:

  1. Go to “CONTROL PANEL”
  2. Click “BUSINESS SETTING” > “GENERAL”
  3. Click drop-down and select value between 1 ~ 18 months.

NOTE: “START DATE” also editable as long there is no transaction yet.

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3

Show Credit Balance on Statement of Account

Now “Statement of Account” will show “Credit Balance”:

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4

Updated reconciliation report  

Reconciliation Report now split to 4 sections.

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5

Set “Default Note” for Delivery Note

Now you can set a default note for all your Delivery Note.

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To setup that, kindly follow the step below:

  1. Go to “CONTROL PANEL”
  2. Click “BUSINESS SETTING” > “DEFAULT NOTES”

Type your custom message and click “SAVE"

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6

 Bug Fixed

FIXED: Rounding error when converting Multi-Currency for Payables & Inventory.

7

Singapore Address & UEN  [SG Users]

All Singapore address will follow SingPost recommended format:

[name of addressee]

[block number and street name]

[floor – apartment number + building name]

[name of town + postcode]

In addition, all Singapore companies will use UEN (Unique Entity Number) a 9- or 10-digit alphanumeric code issued by the Singaporean government to all entities that operate within Singapore.

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