GST Treatment: Non-Refundable Deposit: Difference between revisions

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==Introduction==
==Introduction==
:How to enter the non-refundable deposit accounted to '''Standard Rated''' (SR) and '''Zero Rated'''(ZRL & ZRE) to reflect in GST-03 submission?
:How to enter the non-refundable deposit accounted to '''Standard Rated''' (SR) and '''Zero Rated'''(ZRL & ZRE) to reflect in GST-03 submission?
:This guide will help you find out the way to enter.
:This guide will help you out. All non-refundable deposit amount are inclusive tax. <br />
:All non-refundable deposit amount are inclusive tax. <br />
<br />
<br />


Line 18: Line 17:
2. Total Value of Export Supplies
2. Total Value of Export Supplies
|}
|}


==Customer Payment==
==Customer Payment==
===A. Non-Refundable (SR)===
''Menu: Customer | Customer Payment...''
:1. ES43 - '''Interest income from deposits placed with a financial institution in Malaysia'''
===Non-Refundable (SR)===
::Screenshot below from '''Journal Entry'''.
:1. Create '''New Customer Payment'''.
::[[File: GST GST-03 Item12-14.jpg]]
:2. Enter the '''Paid Amount''', eg. Rm10,000.00
:3. '''Tick Non-Refundable''' for '''GST not equal to 0%'''.
:4. See the screenshot below.  
::[[File: GST-Non-RefundableDep-01.jpg]]
<br />
:5. Process GST Returns (GST | New GST Returns...).
:6. Print the GST-03.
::'''GST-03 results:- '''
::{| class="wikitable"
|-
! GST-03 Item !! Description !! Local Amount
|-
| 5a || Total Value of Standard Rated Supply || style="text-align:right;"| '''9,433.96'''
|-
| 5b || Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments) || style="text-align:right;"| '''566.04'''
|}
<br />
<br />


:2. ES43 - '''Realized foreign exchange gains or losses'''
:7. See the GST-03 screenshot below.
::a. '''Realized Gain in Foreign Exchange'''
::[[File: GST-Non-RefundableDep-02.jpg]]
:::Screenshot below from '''Customer Payment'''.
:::[[File: GST GST-03 Item12-15A.jpg]]
<br />
<br />


::b. '''Realized Loss in Foreign Exchange'''
===Non-Refundable (ZR)===
:::Screenshot below from '''Customer Payment'''.
:1. Create '''New Customer Payment'''.
:::[[File: GST GST-03 Item12-15B.jpg]]
:2. Enter the '''Paid Amount''', eg. Rm25,000.00 (USD6,000.00)
:3. Ensure the '''Non-Refundable checkbox''' is '''Untick''' for '''GST equal to 0%''', eg. ZRL and ZRE.
:4. Press '''CTRL + ALT + G'''.
:5. Enter the tax transactions. See the '''GST Taxable''' detail in the screenshot below.  
::[[File: GST-Non-RefundableDep-03.jpg]]
<br />
<br />
 
:5. Process GST Returns (GST | New GST Returns...).
:3. ES - '''Financial Institution’s interest charges to customers for loan'''
:6. Print the GST-03.
::Screenshot below from '''Customer Invoice'''.
::'''GST-03 results:- '''
::[[File: GST GST-03 Item12-16.jpg]]
::{| class="wikitable"
|-
! GST-03 Item !! Description !! Local Amount
|-
| 11 || Total Value of Export Supplies '''(ZRE)''' || style="text-align:right;"| '''25,000.00'''
|}
<br />
<br />


===B. Non-Refundable (ZR)===
:7. See the GST-03 screenshot below.
 
::[[File: GST-Non-RefundableDep-04.jpg]]
''[GST | Print GST-03...]''<br />
 
:1. For instances, the '''GST-03 Item 12''' = '''Rm62.886.40
::[[File: GST GST-03 Item12-01.jpg]]
<br />
<br />
:2. You can check the details by double click on the amount in '''Item 12'''.
:3. Pop-up the item 12 detail.
::[[File: GST GST-03 Item12-02.jpg]]
<br />
:4. You can insert additional column, ie. '''From Doc Type''' and '''Trans Type'''.
::a. '''From Doc Type''' will help you to identify the documents where it posted;
::b. '''Trans Type''' will tell you the document posted from special case, eg. Realized Gain in Foreign Exchange.
::[[File: GST GST-03 Item12-03.jpg]]
<br />
'''NOTE:'''
Trans Type = _X, it means the posting entry related to '''Realized Gain or Loss in Foreign Exchange'''.


==See also==
==See also==
* [[Customer Payment]]
* [[Customer Payment]]
* [[Print GST-03]]
* [[Print GST-03]]

Latest revision as of 01:29, 26 February 2016

GST Treatment-Non-Refundable Deposit


Introduction

How to enter the non-refundable deposit accounted to Standard Rated (SR) and Zero Rated(ZRL & ZRE) to reflect in GST-03 submission?
This guide will help you out. All non-refundable deposit amount are inclusive tax.


Type of supplies Tax Rate GST-03
Standard Rated (SR) 6% 1. Total Value of Standard Rated Supply (5a)

2. Total Output Tax (5b)

Zero Rated (ZRL & ZRE) 0% 1. Total Value of Local Zero Rated Supplies

2. Total Value of Export Supplies

Customer Payment

Menu: Customer | Customer Payment...

Non-Refundable (SR)

1. Create New Customer Payment.
2. Enter the Paid Amount, eg. Rm10,000.00
3. Tick Non-Refundable for GST not equal to 0%.
4. See the screenshot below.
GST-Non-RefundableDep-01.jpg


5. Process GST Returns (GST | New GST Returns...).
6. Print the GST-03.
GST-03 results:-
GST-03 Item Description Local Amount
5a Total Value of Standard Rated Supply 9,433.96
5b Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments) 566.04


7. See the GST-03 screenshot below.
GST-Non-RefundableDep-02.jpg


Non-Refundable (ZR)

1. Create New Customer Payment.
2. Enter the Paid Amount, eg. Rm25,000.00 (USD6,000.00)
3. Ensure the Non-Refundable checkbox is Untick for GST equal to 0%, eg. ZRL and ZRE.
4. Press CTRL + ALT + G.
5. Enter the tax transactions. See the GST Taxable detail in the screenshot below.
GST-Non-RefundableDep-03.jpg


5. Process GST Returns (GST | New GST Returns...).
6. Print the GST-03.
GST-03 results:-
GST-03 Item Description Local Amount
11 Total Value of Export Supplies (ZRE) 25,000.00


7. See the GST-03 screenshot below.
GST-Non-RefundableDep-04.jpg


See also

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This page was last edited on 26 February 2016, at 01:29.