What happened to my accounting entries when I receive deposit for future tax invoices?
Scenario
| |
| 1) Receive Deposit from Customer for 100.00 RM |
| 2) Generate Invoice to Customer for 159.00 RM (Inclusive of tax) |
| 3) Settle Invoice with Receipt |
| 4) File Tax for both Receipt and Invoice |
Calculation in system
| Jtxn during Creation of RCT | | | |
| | | | | |
| GLCode | Debit | Credit | | Remarks |
| accReceivable | | 100 | | Debtors account |
| Bank | 100 | | | Money going in to bank / cashbook |
| gst_output | | 5.66 | | This GLCode has the amount of output tax collected (for all documents) |
| gst_output_suspended | 5.66 | | | This can be of any name, basically this is to see how much gst was collected for deposit and not invoiced out yet. |
| | | | | |
| | | | | |
| Jtxn during Creation of Invoice | | | | |
| | | | | |
| GLCode | Debit | Credit | | Remarks |
| accReceivable | 159 | | | Debtors account |
| generalSales | | 150 | | General Sales account |
| gst_output | | 9 | | This GLCode has the amount of output tax charged (for all documents) |
| | | | | |
| | | | | |
| Settling of Invoice with RCT | | | | |
| | | | | |
| No JTXn created | | | | |
| | | | | |
| | | | | |
| Filing of both RCT and Invoice | | | | |
| | | | | |
| GLCode | Debit | Credit | | Remarks |
| gst_output | 5.66 | | | This amount was charged during the deposit, but reversed to avoid double tax upon settling the invoice. |
| gst_output_suspended | | 5.66 | | Upon filing, this account will be reduced to 0 since related tax invoice has already been created. |
| Info |
|---|
| Refundable deposit do not have any GST!! |
Related articles
| Filter by label (Content by label) |
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| showLabels | false |
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| max | 5 |
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| spaces | WMS |
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| showSpace | false |
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| sort | modified |
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| reverse | true |
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| type | page |
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| cql | label in ("deposit","gst_output_suspended","gst") and type = "page" and space = "WMS" |
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| labels | gst deposit gst_output_suspended |
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| Child pages (Children Display) |
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