Skip to main content
F
finance_noob
February 5, 2024
Question

How do I ensure that my expenses recorded are tax deductible?

  • February 5, 2024
  • 1 reply
  • 0 views

We will be filling for taxes in April for our sole enterprise in Malaysia.

 

Currently, I have been recording down our income and expenses as per the bank statements.

May I know if Quickbooks has a way to ensure that this particular expense is an allowable expense according to our income tax law so that when I do my P&L and other financial reports - it will reflect as such.

 

Thank you.

1 reply

JenoP
JenoP
February 5, 2024

Good day, finance_noob. I'm glad you reached out regarding recording expenses properly in QuickBooks Online to comply with your country's tax and accounting regulations.

 

We understand that every country follows its own set of financial reporting rules and principles. 

 

QuickBooks Online offers highly customizable settings like the chart of accounts. This means you can set up the expense categories and accounting framework that are specifically tailored to Malaysia's regulations when it comes to recording tax-deductible transactions.

 

Let me share these articles for additional guidelines and resources:

 

 

Having a customized Chart of Accounts is essential to ensure all transactions are properly categorized for reporting purposes. 

 

Nevertheless, it is always advisable to consult with your accountant or tax advisor to ensure that you are utilizing the appropriate expense categories that comply with the tax laws and regulations specific to Malaysia.

 

Please don't hesitate to reach out to us again if you have any other questions related to recording transactions or doing business in QBO, finance_noob. I'll be more than happy to explain how the program works and help you take advantage of its features.

Terms & ConditionsAccessibility statement