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Gross Margin Scheme

Khkoh — Mon, 27 Jul 2026 10:43:28 GMT

Purchasing Goods

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	Reference: https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/general-gst-schemes/gross-margin-scheme?utm_source=chatgpt.com		Reference: https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/general-gst-schemes/gross-margin-scheme?utm_source=chatgpt.com

			= IRAS Gross Margin Scheme (GMS) =

			== Overview ==

			# The '''Gross Margin Scheme (GMS)''' is a special GST scheme administered by the Inland Revenue Authority of Singapore (IRAS). It allows eligible businesses dealing in second-hand goods, motor vehicles, and certain qualifying products to account for GST only on the '''gross margin''' (selling price less purchase price), instead of on the full selling price.
			# Under this scheme, GST is calculated only when the selling price exceeds the purchase price. If the selling price is equal to or lower than the purchase price, no GST is payable on that transaction.
			# For detailed eligibility requirements and operating rules, please refer to the official IRAS webpage:
			# '''Gross Margin Scheme (GMS)''' [https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/general-gst-schemes/gross-margin-scheme?utm_source=chatgpt.com https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/general-gst-schemes/gross-margin-scheme]
			----

			= Highnix Setup =
			Before processing transactions under the Gross Margin Scheme, the following setup is required.

			== Create a GST Tax Type ==
			Create a GST tax type for GMS.

			'''Suggested setup'''
			{\| class="wikitable"
			!Field
			!Value
			\|-
			\|Tax Type
			\|'''NA-GSM'''
			\|-
			\|GST Rate
			\|'''9.0%'''
			\|-
			\|Sales GL Account
			\|'''2253 Output GST-NA'''
			\|}
			'''Note'''

			The prefix '''"NA"''' is recommended because GST is '''not displayed on customer invoices''' under the Gross Margin Scheme. The GST is computed internally and posted into the GST Output account (GL Account 2253).
			----

			== Create a Sales Tax Group ==

			# Create a sales tax group.
			## '''Suggested name'''
			## '''Sales Tax-GMS-NA'''
			## '''Include Shipping:''' '''No''' '''('''Shipping charges are not part of the Gross Margin Scheme calculation.)
			----

			== Create a Purchase Tax Group (Optional) ==

			# If your business also purchases goods from suppliers using the Gross Margin Scheme, you may create a purchase tax group.
			## '''Suggested name'''
			## '''Purch Tax-GMS-NA:''' This setup is optional and depends on your business requirements.
			----

			== Create an Item Tax Type ==

			# Under '''Item Tax Exemption''', create a new item tax type.
			# Example:
			## '''GMS-Gross Margin Scheme - 9%'''
			# Configure this item tax type so that it is '''exempt from every GST tax type except the GMS tax type (NA-GSM)''' created earlier. This ensures that GMS items cannot accidentally be taxed using the normal GST calculation.
			----

			== Configure Inventory Items ==

			# For every inventory item that will be sold under the Gross Margin Scheme:
			## Open the Inventory Item setup.
			## Set the '''Item Tax Type''' to:
			### '''GMS-Gross Margin Scheme - 9%'''
			----

			== Configure Customers ==

			# Customers purchasing goods under the Gross Margin Scheme should use the GMS Sales Tax Group.
			# Example:
			## '''Sales Tax Group'''
			## '''Sales Tax-GMS-NA'''
			----

			= Purchasing Goods =

			# When receiving or purchasing goods under the Gross Margin Scheme, users '''must enter the Serial Number or Batch Number''' for each qualifying item.
			# The system uses this information to identify the original purchase cost when the item is subsequently sold.<blockquote>'''Important:''' Each Serial Number or Batch Number should uniquely identify the purchased item. Accurate entry is essential because the GST calculation is based on the purchase price of that specific item.</blockquote>
			----

			= Sales Processing =

			# After the initial setup is completed, users simply process purchase and sales transactions as normal.
			# No additional GST calculation is required during invoicing.
			# The system automatically:
			## Retrieves the original purchase cost using the Serial Number or Batch Number.
			## Calculates the gross margin.
			## Computes the GST payable on the gross margin only.
			## Records the GST into the configured GST Output GL account.
			## Includes the transaction in the GST reporting.
			# Customer invoices continue to be printed without displaying GST separately, in accordance with the Gross Margin Scheme requirements.

			----

			= GST Reporting =

			# All Gross Margin Scheme transactions are automatically included in the GST reporting process.
			# When the GST Tax Report is generated, GMS transactions will appear under the configured GMS tax type together with the GST amount calculated by the system.
			# No manual adjustment is required.

			----

			= Important Notes =

			# Gross Margin Scheme items must not be mixed with normal GST-taxable items within the same invoice.
			# Every GMS item must have a valid Serial Number or Batch Number recorded during purchase.
			# The purchase price used for GST computation is taken from the original purchase transaction of the corresponding Serial Number or Batch Number.
			# If the selling price is less than or equal to the purchase price, no GST is payable for that item.
			# Shipping charges are excluded from the Gross Margin Scheme calculation.

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Khkoh — Mon, 27 Jul 2026 10:26:55 GMT

Welcome to Highnix Online Support And Documentation

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Late Payment Interest

Khkoh — Fri, 24 Jul 2026 05:36:52 GMT

Compounded Interest

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	== Compounded Interest ==		== Compounded Interest ==
	Compounded interest occurs when previously charged interest becomes part of the ~~balance~~ used for ~~future~~ interest calculations.
			Compounded interest occurs when previously charged interest becomes part of the amount used for subsequent interest calculations.

	Example:		Example:
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	Month 2 Interest is calculated on $1,010 instead of $1,000.		Month 2 Interest is calculated on $1,010 instead of $1,000.

	Because compounded interest has legal and contractual implications, it should only be ~~used~~ when ~~explicitly~~ agreed upon and permitted by applicable regulations.		Because compounded interest has legal and contractual implications, it should only be applied when expressly agreed upon by the contractual parties and permitted under the applicable laws or regulations.

	~~The Highnix LPI Module supports both methods.~~
	~~----~~

			The Highnix LPI Module supports both non-compounded and compounded interest calculations.
			# '''Note:''' When '''LPI on LPI''' is enabled, '''new''' Late Payment Interest (LPI) invoices generated thereafter are flagged as eligible for future LPI calculations. If such an LPI invoice remains unpaid after the applicable grace period, its outstanding amount will be included in subsequent LPI calculations, resulting in compounded interest. LPI invoices generated before '''LPI on LPI''' was enabled remain non-compounded and are not retrospectively included in future LPI calculations.
	= Configuring Late Payment Interest Terms =		= Configuring Late Payment Interest Terms =
	Before generating Late Payment Interest transactions, the interest terms must be configured.		Before generating Late Payment Interest transactions, the interest terms must be configured.

Gross Margin Scheme

Khkoh — Thu, 23 Jul 2026 03:42:05 GMT

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			Reference: https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/general-gst-schemes/gross-margin-scheme?utm_source=chatgpt.com

Gross Margin Scheme

Khkoh — Thu, 23 Jul 2026 03:41:50 GMT

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Khkoh — Thu, 23 Jul 2026 03:41:29 GMT

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Activation of GST InvoiceNow Submission for GST- Registered Businesses

Khkoh — Fri, 17 Jul 2026 08:38:47 GMT

Activating or Deactivating GST InvoiceNow Submission

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-=='''Activation of GST InvoiceNow Submission - Register Business'''==
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-=== Registration of Peppol Account ===
+=='''Registering and Activating GST InvoiceNow Submission'''==
-# Verify if your business is registered with Peppol using one of the following methods:
+This section explains how to register your business with Peppol and activate GST InvoiceNow Submission for GST reporting.
-=== Activation of GST InvoiceNow Submission for GST ===
+=== Registering a Peppol Account ===
-# Once your Peppol ID is created, go to [https://v4-api.platform.eu.banqup.com/v4/peppolsmp/public/participants?uen= this website] (for sandbox, use [https://v4-api.uat.platform.eu.banqup.com/v4/peppolsmp/public/participants this link])and enter your Peppol ID, e.g., "SGUEN201433338H".
+Before you can activate GST InvoiceNow Submission, your business must have a valid Peppol ID.
-[[File:C5 activation 1.png|center|thumb|700x700px]]Go to next topic: [[Extraction and Packaging of Invoice Data]]
+=== Activating or Deactivating GST InvoiceNow Submission ===

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Activation of GST InvoiceNow Submission for GST- Registered Businesses

Khkoh — Fri, 17 Jul 2026 07:51:40 GMT

Registration of Peppol Account

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	# Verify if your business is registered with Peppol using one of the following methods:		# Verify if your business is registered with Peppol using one of the following methods:
	## Visit [https://www.highnix.com Highnix's website] and navigate to the [https://www.peppoldirectory.sg/ Peppol ID Directory - SG Companies].		## Visit [https://www.highnix.com Highnix's website] and navigate to the [https://www.peppoldirectory.sg/ Peppol ID Directory - SG Companies].
	## Directly access the Peppol directory at [https://www.peppoldirectory.sg/].		## Directly access the Peppol directory at https://www.peppoldirectory.sg/.
	# Use the keyword search to check for your entity's name. If it does not appear, your entity is not yet registered with Peppol. Follow the steps below to register:		# Use the keyword search to check for your entity's name. If it does not appear, your entity is not yet registered with Peppol. Follow the steps below to register:
	## Go to the Highnix website and navigate to the '''[https://www.highnix.com/peppol-einvoice-id-registration/ Invoice Now Registration Form]'''. Complete the form. Most fields are mandatory.		## Go to the Highnix website and navigate to the '''[https://www.highnix.com/peppol-einvoice-id-registration/ Invoice Now Registration Form]'''. Complete the form. Most fields are mandatory.

Handle Deposits

Khkoh — Wed, 15 Jul 2026 07:59:44 GMT

Receiving the Security Deposit

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			== How to Handle a Customer's Security Deposit ==
			A refundable security deposit received from a customer should '''not be recorded as income'''.

			This is because the money may need to be returned to the customer at the end of the leasing period.

			=== Create a Liability Account ===

			# In the Chart of Accounts, create an account such as:
			# Customer Security Deposits
			# The account should be classified as a '''Liability Account'''.

			=== Receiving the Security Deposit ===

			# When the customer pays the security deposit, record the amount against the Customer Security Deposits liability account.
			# To do that, navigate to Finance Mgt, Process General Receipt, At the From pull-down menu. select Customer.
			# Then, enter the customer name and Branch name. Fill in the table and select a suitable GL account. Please check with the accountant which account should be used. Or, create a GL Code for "Customer Security Deposit".
			# The accounting entry will generally be:
			## Debit: Bank
			## Credit: Customer Security Deposits
			## The deposit is therefore shown as an amount owed back to the customer and is not included as sales income.

			=== Returning the Security Deposit ===

			# When the leasing agreemt ends and the deposit is refunded:
			## Debit: Customer Security Deposits
			## Credit: Bank
			## This clears the security depenosit liability.

			=== If Part of the Deposit Is Forfeited or Used ===

			# If part of the security deposit is used to settle unpaid rental, damage charges or other agreed charges, the relevant amount should first be applied to the appropriate invoice or income account.
			# Any remaining refundable balance should be returned to the customer.

			=== Summary ===

			# Refundable security deposit → Liability
			# Not Rental Income
			# Not Sales Income
			# Not Cost of Goods Sold
			# Refunded at end of lease, subject to the leasing agreement

Handle Deposits

Khkoh — Wed, 15 Jul 2026 07:54:41 GMT

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Khkoh — Wed, 15 Jul 2026 07:54:18 GMT

Online Manual Table of Content:

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Handle Leasing of Products or Equipment

Khkoh — Wed, 15 Jul 2026 06:09:00 GMT

Issue a Sales Invoice for the Monthly Rental

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			== How to Handle Leasing of Products or Equipment ==
			When your company leases equipment to a customer and charges a monthly rental fee, the rental collected is generally treated as '''Rental or Leasing Income'''.

			=== Create a Service Item for Monthly Rental ===

			# In the Inventory/Items setup, create a new item as a '''Service Item'''.
			# Example:
			# Item Code: EQUIP-RENTAL
			# Description: Equipment Monthly Rental
			# Item Type: Service
			# The Sales Account should be linked to an income account such as:
			## Equipment Rental Income
			## Leasing Income
			## Rental Income

			Therefore, the monthly rental income is recorded as another source of business income and is '''not normally grouped under Cost of Goods Sold (COGS)'''.

			=== Issue a Sales Invoice for the Monthly Rental ===

			# Each month, issue a Sales Invoice to the customer using the Equipment Monthly Rental service item.

			::Example:
			::Equipment Monthly Rental – July 2026 $1,000.00
			::The accounting entry will generally be:
			::Debit: Accounts Receivable
			::Credit: Equipment Rental Income
			::GST should be applied where applicable.

			=== Treatment of the Equipment ===

			# If the equipment continues to belong to your company and is only leased to the customer, the equipment is still an asset of your company.
			# It should not be treated as a normal sale of inventory to the customer.
			# Where applicable, the equipment may be classified as rental equipment or a fixed asset and depreciation should be recorded according to your company's accounting policy.

			=== Summary ===

			# Monthly leasing fee → Service Item
			# Sales Account → Rental/Leasing Income
			# Equipment → Remains company's asset
			# Monthly rental → Not a sale of inventory

Handle Leasing of Products or Equipment

Khkoh — Wed, 15 Jul 2026 06:03:38 GMT

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Khkoh — Wed, 15 Jul 2026 06:03:17 GMT

Welcome to Highnix Online Support And Documentation

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Sales Delivery

Khkoh — Tue, 07 Jul 2026 08:47:11 GMT

Digital Signing of Delivery Note

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Sales Delivery

Khkoh — Tue, 07 Jul 2026 04:07:02 GMT

Digital Signing of Delivery Note

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	* '''Using the built-in digital signature pad'''		* '''Using the built-in digital signature pad'''
			** '''Preparation'''
			*** Office administrator can activate a delivery personnel login account. By default, a "delivery" account is setup in the system. This login account is a special account which does not have access to any of the functions and features. It can be shared among all delivery personnel provided the delivery personnel logout after completing the signature
	** '''Presentation of Delivery Note:'''		** '''Presentation of Delivery Note:'''
	***The dispatch personnel can present the delivery note, generated by Highnix ERP, on a smart or mobile device in PDF format.		***The dispatch personnel can present the delivery note, generated by Highnix ERP, on a smart or mobile device in PDF format.