As of January 1, 2025, Malaysia mandates electronic invoicing (e-invoicing) for businesses, following a phased implementation that began on August 1, 2024.
To comply with the Inland Revenue Board of Malaysia (IRBM) regulations, NetSuite offers the Malaysia Electronic Invoicing SuiteApp, enabling users to generate and certify e-documents for various transactions, including invoices, credit notes, debit notes, refund notes, and self-billed invoices. docs.oracle.com
Key Features of the Malaysia Electronic Invoicing SuiteApp:
- Comprehensive E-Document Support: Facilitates the creation and certification of e-documents for multiple transaction types, ensuring adherence to IRBM standards.
- Automated Certification Process: Integrates with IRBM through Avalara access points, streamlining the certification of e-documents.
- Customizable PDF Templates: Allows businesses to tailor invoice templates to meet specific requirements and branding needs.
- docs.oracle.com
Setting Up the Malaysia Electronic Invoicing SuiteApp:
- Prerequisites:
- Licenses: Ensure your NetSuite account includes active licenses for the Electronic Invoicing SuiteApp, NetSuite Electronic Business Extension, and Avalara Processing for NetSuite Electronic Invoicing Cloud Service.
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- SuiteCloud Features: Enable ‘Advanced PDF/HTML Templates’ and ‘Server SuiteScript’ in your NetSuite account.
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- Installation:
- Navigate to Customization > SuiteBundler > Search & Install Bundles.
- Search for “Malaysia Electronic Invoicing” or use Bundle ID
298382. - Click ‘Install’ to add the SuiteApp to your account.
- Configuration:
- Subsidiary Record: Input necessary details such as the subsidiary’s name, Taxpayer Identification Number (TIN), and address.
- Customer and Vendor Records: Ensure all customer and vendor information is accurate and complete.
- Item Records: Define products and services with appropriate classifications.
- Tax Codes: Set up Malaysia-specific tax codes to align with local tax regulations. docs.oracle.com
Alternative E-Invoicing Solutions:
For businesses seeking additional options, third-party providers like JomeInvoice offer middleware solutions compatible with NetSuite. JomeInvoice provides a user-friendly platform fully compliant with LHDN (Lembaga Hasil Dalam Negeri) guidelines and supports integration with various systems, including NetSuite.
Key Features of JomeInvoice:
- Flexible System Compatibility: Seamlessly integrates with multiple ERP systems, facilitating smooth e-invoicing processes.
- Regulatory Compliance: Ensures adherence to Malaysia’s e-invoicing regulations, minimizing compliance risks.
- User-Friendly Interface: Offers an intuitive platform, reducing the learning curve for users.
Implementing the Malaysia Electronic Invoicing SuiteApp or integrating with a third-party solution like JomeInvoice can help your business comply with Malaysia’s e-invoicing requirements, streamline invoicing processes, and enhance operational efficiency.