Loyverse POS E-invoicing with MyInvoice2U

Malaysia's mandatory e-invoicing is being implemented in phases to enhance tax compliance and streamline processes. Starting August 1, 2024, it applies to businesses with turnovers over RM100 million, expanding to those with turnovers between RM25 million and RM100 million by January 1, 2025, and all other taxpayers by July 1, 2025, except those below RM150,000 annually.

Businesses can generate e-invoices manually using the MyInvois portal, a free government-provided solution. The key steps include:

• Ensuring invoices are created in XML or JSON file format.

• Using the e-Invoice Software Development Kit (SDK) Microsite for XML and JSON samples.

While the MyInvois portal is available, businesses often find it challenging due to its manual and comprehensive nature. Here are the reasons why. 

First of all, Loyverse POS users need to pay a monthly fee of USD 5 (approximately RM25) to download monthly sales reports. Them, businesses need to manually input sales data into the MyInvois portal to generate XML or JSON e-invoices. Once generated, e-invoices need to be  submitted manually to LHDN.

 

These manual steps not only increase the likelihood of errors but also consume significant time and resources. The process is especially inefficient for businesses with high transaction volumes, making it impractical and prone to human error. This is where solutions like MyInvoice2u become invaluable for Loyverse POS users, offering a more efficient and automated approach to e-invoicing guidelines.

Who is MyInvoice2u?

MyInvoice2u (MI2U) is part of the renowned Berjaya Group Berhad, a trusted name in Malaysia. MI2U is dedicated to revolutionizing invoicing processes, offering businesses a more efficient, secure, and sustainable way to manage their e-invoices. As a comprehensive e-invoicing solution provider, MI2U ensures compliance with Malaysia’s e-invoicing regulations while simplifying the workflow for businesses.

 

Recently, MyInvoice2U collaborated with Loyverse POS to develop a localized solution fully compliant with Malaysia's e-invoicing guidelines. MyInvoice2u integrates seamlessly with Loyverse POS, capturing all sales transactions automatically and preparing them for submission to LHDN. The system formats your sales data according to LHDN's guidelines, ensuring that all tax-related information adheres to Malaysia's regulations. With this integration, Loyverse POS users no longer need to manually generate e-invoices. Instead, e-invoices can be created effortlessly with just a few clicks, saving businesses time and reducing errors.

 

How Does MyInvoice2u Work?

a. Sign Up for MyInvoice2u

Visit the MyInvoice2u website to create an account. MI2U provides tailored solutions for Loyverse users, with subscription fees starting from RM45 per month.

b. Generate E-Invoices with MyInvoice2u

MyInvoice2u is fully integrated with Loyverse POS, capturing all sales transactions seamlessly. It formats your sales data automatically to meet LHDN guidelines, ensuring compliance with Malaysia’s tax regulations.

c. Submit E-Invoices to LHDN

Once generated, MyInvoice2u allows direct submission of e-invoices to LHDN. The platform validates and stores the data, ensuring accuracy and compliance.

d. Review Occasionally

MyInvoice2u maintains a record of all submitted invoices. Regular reviews can help ensure everything is accurate and up-to-date, providing peace of mind for business owners.

Benefits of Using MyInvoice2u

By subscribing to MI2U, Loyverse POS users can:

• Eliminate the USD 5 monthly fee for downloading sales reports, reducing MI2U subscription costs to RM20 per month.

• Avoid the hassle of manual data entry into the MyInvois portal.

• Save on administrative costs associated with manual entry.

• Simplify the process with seamless integration between Loyverse POS and MI2U.

• Ensure compliance with Malaysia’s e-invoicing guidelines without additional training on new systems.

Setting up MI2U with Loyverse POS is very straightforward, and support is available for any setup issues. Restaurant owners and staff can continue using their familiar POS system without disruptions or a steep learning curve.

What Are the Available Packages?

Micro SME Package (RM438 One-Time Setup Fee, RM45/Month)

• 600 e-invoices per year

• 100k transactions per year

• Mobile app access

SME Package (RM838 One-Time Setup Fee, RM120/Month)

• 1,500 e-invoices per year

• 100k transactions per year

• Access to MI2U Portal

• Mobile app

• QR Standee for enhanced convenience

Both packages include registration, training, and TIN registration. 

How to Sign Up for MyInvoice2u

Signing up for MI2U is a simple process. Contact us here if you have other questions. Also, support is available for first-time setups to ensure a smooth experience.

Conclusion: The Ultimate Solution for Loyverse POS users

MyInvoice2u offers a practical, efficient, and cost-effective solution for Loyverse POS users to comply with Malaysia’s e-invoicing guidelines. With automation, seamless integration, and reliable support, MI2U takes the hassle out of e-invoicing. For any questions or further details, feel free to contact us. We’re here to assist and ensure your business stays compliant and efficient!