How to fill in Borang B

[jericha]

Hello, anyone has experience filling in Borang B? I'm a freelancer how i fill in the balance sheet part? I keep track of my income and expenses ij excel but didnt do proper account, and i use my personal bank account so i dont know how much cash belongs to business too.

Should i leave this blank?

 

[anewlifeinjc3]

@jericha Pay a company secretary or a tax agent to get your account sorted. You really need to show the basics of your business, leaving it blank is asking for trouble.

Using personal bank account for business purposes is bad, but it's not the end of the world.

 

[darcie]

@anewlifeinjc3 There's no need to appoint Company Secretary, just leave it to tax agent and accounting firm

 

[leedoldol]

@jericha Hey, fellow biz owner.

There are a few ways you can do this.

• pen and paper. Track all your receivables and payables using excel and key that in. Takes a bit of work.
• get a cloud accounting software and start issuing your invoices and record expenses there. You get your p&l and balance sheet done.

Please go register your SSM and have a bank account setup. Mbb or CIMB is good. Use your personal account a few more times and they’re gonna call you telling it’s not for business purposes - same legal entity be damned. Ask me how I know.

Pm me if you need help. My business is getting businesses started on their accounting.

 

[mannyman]

@leedoldol What accounting software do you recommend? I currently do everything manually in excel.

 

[jericha]

@mannyman Is it complicated? Can use without accounting knowledge?

 

[leedoldol]

@jericha Ya it’s relatively easy.

Invoices are usually revenue, and bills (use movie wording to remmeber, those guys always say “I’m gonna pay my bills” when they hit a windfall) is your expense side.

So you have the part about it going into different accounts (go accountingcoach.com to understand a bit more about accounting, disclaimer they’re not from this region so their terminology differs from ours).

What I mean when I say into different accounts: eg: TNB bill will be classified as Electricity or Utilities, water will be water or utilities. You have some freedom to play around with how the report comes out and what kind of numbers are important for you.

At the end of the day when it comes to your computation I recommend having a tax accountant do it. I am personally not a tax accountant (my background is audit and commercial operations so I focus on different things, I have enough tax knowledge to plan out a little bit of things but won’t do the final work) so I still get a tax accountant to count it out for me.

 

[leedoldol]

@mannyman I’m a Xero reseller, so I carry only Xero.

Naturally it has a cost so if your scale is small (2-3invoices/mo) then just do pen and paper and download some excel invoice templates.

Once you’ve filled in the invoice templates you can just change dates and invoice number and blast it out that way.

 

[jericha]

@leedoldol How much does Xero cost though? I saw online its USD80 per month if I'm not mistaken

 

[leedoldol]

@jericha from Nov15 onwards, it’s usd46/mo for single currency and 62 for multi currency.

I have reseller margins to play with which means you get a discount, and WHT and import SST managed by me.

 

[mannyman]

@jericha Hi, fellow freelancer. Here’s what you need to do. Step 1: Register with SSM;
Step 2: Make an official stamp for your business with the business name, business registration number (old & new), address and phone number;
Step 3: Open a current account for your business and bring the official stamp with you to the bank;
Step 4: Consult with a tax accountant

 

[waterwerx]

@jericha If you don't plan on deducting the input costs of your freelancing business, just fill in the total revenue and you're done.