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Singapore Tax - GST F5 for foreign currency ledger

Singapore Tax - Create a GST F5 for foreign currency ledger. It is now a pain to do GST reporting for a USD reporting company.

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Wendy Toh shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminHannah G (Admin, Xero) responded  · 

Hi everyone, we’d like to confirm that GST F5 for foreign currency ledger is not something we have plans to develop at this time. We’re still interested to get a clearer understanding of users that’d like to see this developed for Singapore tax, and will continue to track this through the conversation here.

In the meantime, for those who aren’t already aware, in a Singapore organisation users can access the GST Audit report which shows the base currency, FX value and Singapore dollar value information you’ll need to meet IRAS requirements.

As the GST Audit report doesn’t show the gains and losses needed for IRAS reporting, you can use the Foreign Currency Gains and Losses report to see this information.

If there’s any change we will let you know on the thread here 😊

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  • Josephine Yap commented  ·   ·  Report

    It is critical. Please come out an solution as this part of the bookkeeping job.

  • Wendy Toh commented  ·   ·  Report

    Absolutely agree with Alexey. We are now doing GST manually for a USD reporting company. It is really a pain and we are not able to benefit from the GST F5 automated reporting feature.

  • Alexey Dmitriev commented  ·   ·  Report

    Yes, this is vital. To Explain for ease of understanding and encourage quicker implementation:
    Singapore government requires that company reports in a currency that it most transacts in. In our case, our chart of accounts and reporting is in USD and the GST F5 Return (that we're mostly switched to Xero for) option is NOT available in the menu.
    Could you please make it be possible to have the GST F5 Return option for an organisation in Singapore who's accounts are kept in currency other than SGD?
    Thank you

  • Nurashikin Abdulla commented  ·   ·  Report

    We have a few Singapore entities on Xero. They are all registered under one Group GST registration. It would be good to have a function to consolidate GST reporting under the same GST registration number as they are related subsidiaries.

    Thanks.

  • Shu Yan Tan commented  ·   ·  Report

    To have adjustment field for Box 5 taxable purchases, as once there is adjustment to be made to Box 7, Box 5 figure may be impacted.

  • Shu Yan Tan commented  ·   ·  Report

    To have an adjustment box for Box 5 Taxable purchases as well. After adjusting Box 7, Box 5 may be affected too.