GST Treatment: Non-Refundable Deposit: Difference between revisions

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.

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.

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.

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.

@@ Line 20: / Line 20: @@
 ==Customer Payment==
 ''Menu: Customer | Customer Payment...''
-===A. Non-Refundable (SR)===
+===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%'''.
+:3. '''Tick Non-Refundable''' for '''GST not equal to 0%'''.
 :4. See the screenshot below.
 ::[[File: GST-Non-RefundableDep-01.jpg]]
@@ Line 32: / Line 32: @@
 ::{| class="wikitable"
 |-
-! Item no !! Description !! Amount
+! GST-03 Item !! Description !! Local Amount
 |-
-| 5a || Total Value of Standard Rated Supply || 10,000 x 100/106 = '''9,433.96'''
+| 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) || 10,000 x 6/106 = '''566.04'''
+| 5b || Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments) || style="text-align:right;"| '''566.04'''
 |}
 <br />
@@ Line 44: / Line 44: @@
 <br />
+===Non-Refundable (ZR)===
-===B. Non-Refundable (ZR)===
+:1. Create '''New Customer Payment'''.
+:2. Enter the '''Paid Amount''', eg. Rm25,000.00 (USD6,000.00)
-''[GST | Print GST-03...]''<br />
+:3. Ensure the '''Non-Refundable checkbox''' is '''Untick''' for '''GST equal to 0%''', eg. ZRL and ZRE.
+:4. Press '''CTRL + ALT + G'''.
-:1. For instances, the '''GST-03 Item 12''' = '''Rm62.886.40
+:5. Enter the tax transactions. See the '''GST Taxable''' detail in the screenshot below.
-::[[File: GST GST-03 Item12-01.jpg]]
+::[[File: GST-Non-RefundableDep-03.jpg]]
 <br />
-:2. You can check the details by double click on the amount in '''Item 12'''.
+:5. Process GST Returns (GST | New GST Returns...).
-:3. Pop-up the item 12 detail.
+:6. Print the GST-03.
-::[[File: GST GST-03 Item12-02.jpg]]
+::'''GST-03 results:- '''
+::{| class="wikitable"
+|-
+! GST-03 Item !! Description !! Local Amount
+|-
+| 11 || Total Value of Export Supplies '''(ZRE)''' || style="text-align:right;"| '''25,000.00'''
+|}
 <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;
+:7. See the GST-03 screenshot below.
-::b. '''Trans Type''' will tell you the document posted from special case, eg. Realized Gain in Foreign Exchange.
+::[[File: GST-Non-RefundableDep-04.jpg]]
-::[[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==
 * [[Customer Payment]]
 * [[Print GST-03]]