Streamline Your E Invoice Format for Healthcare Processes

E invoice format for Healthcare

[Music] to support the growth of the digital economy the government intends to implement e invoice in stages in an effort to enhance the efficiency of Malaysia's Tax Administration Management it is in line with the 12th Malaysia plan where the focus is on strengthening the Digital Services infrastructure and digitalizing the tax administration the E invoice will enable real-time or near realtime validation and storage of transactions catering to business to business business to Consumer and busin to government transactions say goodbye to Conventional digital invoices as e invoicing with continuous transaction control is here to boost your accounting operations as announced in budget 2024 e invoices will be mandatorily implemented in three stages Phase 1 effective August 1st 2024 it will be implemented for businesses with an annual turnover of 100 million ring it and above Phase 2 beginning January 1st 2025 it will be expanded to businesses with an annual turnover between 25 million and 100 million ring it phase 3 by July 1st 2025 all businesses regardless of size will be required to issue e [Music] invoices an e invoice is a digital representation of a business transaction it can contains the same essential information as a conventional invoice such as supplier and buyer details item descriptions quantities prices taxes and the total cost all of these are crucial for keeping track of daily transactions ing to lhdn guidelines en enoes are required for two scenarios first as proof of income when a seller sells a product or service second as proof of expenses when a buyer buys a product or service from entities that are Exempted from issuing e invoices or overseas sellers in which case the buyer will have to issue a self- bill e invoice there are four types of e invoices invoice to record a transaction credit note to correct an error to apply a discount or to account for a return in a previous invoice where no return of monies are involved D debit note to charge additional fees or expenses refund to confirm the refund of a payment e invoicing offers a number of benefits to businesses including improved accuracy through precise reporting of transaction values increased efficiency since the tax calculation is streamlined and greater cost savings with invoicing tasks automated the E invoicing process comprises six steps issuance of the E invoices by the seller with the details submitted through direct API integration or my invoice portal validation of the E invoices by lhdn notification by lhdn to both parties upon validation sharing of the E invoice by the supplier to the buyer request for cancellation within 72 hours if errors are found storage of e invoices in lhdn database there are two ways to submit e invoices to lhdn for validation First Direct API integration this is ideal for businesses with a high volume of transactions it allows businesses to automatically submit e invoices to the LH hdn directly from their Erp system offering Automation and efficiency second my invoice portal this is a web-based portal created by lhdn that allows businesses without an Erp system to submit e invoices manually IFC API integration available through IFC Erp systems such as property X contract X and Hotel X will simplify your work by automating various business processes including e invoice submission embrace the future of seamless transactions and unlock greater efficiency for your business through if C Erp and if C API you will save more in the long run to learn more about e invoicing and how ifca Erp Solutions with API integration can help you in legal compliance visit .if ca. Asia today