GST Sales/Purchase Deferred Tax Journal Adjustment: Difference between revisions

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(Created page with "==Introduction== :1. Negative value in 5a5b and 6a6b. :2. TAP system not accept negative value. <br /> ==GST Sales Deferred Tax== ''Menu: GL | Journal Entry...'' :1. '''Outp...")
 
 
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==Introduction==
==Introduction==
:1. Negative value in 5a5b and 6a6b.
:1. Double entry adjustment for the balance of GST Sales / Purchase Deferred Tax (Bad Debt Relief) AFTER 29 December 2018.
:2. TAP system not accept negative value.
:2. Add the adjustment amount into Final GST Return (amendment).
<br />
<br />
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-00.jpg]]


==GST Sales Deferred Tax==
==How to check the Sales/Purchase Bad Debt Recovered amount after Final GST Returns?==
''Menu: SST/GST | New GST Return...''
 
:1. Select a date '''AFTER''' the Final GST Return Date, eg. 28/02/2019.
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-03.jpg]]
:2. Choose '''Process As Draft'''.
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-04.jpg]]
:3. Click on '''GST Return Draft''' and '''print GST Listing'''.
:4. Filter the '''Tax Date''' (ie. greater than or equal to 30 December 2018).
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-05.jpg]]
 
  '''SL-AJS-BD''' : Sales Bad Debt Recovered (Output Tax).
  '''PH-AJP-BD''' : Purchase Bad Debt Recovered (Input Tax).
 
==Adjustment for GST Sales Deferred Tax (SL-AJS-BD)==
''Menu: GL | Journal Entry...''
''Menu: GL | Journal Entry...''


:1. '''Output Tax (Negative)'''
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-01.jpg]]
::{| class="wikitable"
|-
! GST-03 !! style="text-align:right;"| Value
|-
| 5a || style="text-align:right;"| -2,000 
|-
| 5b  || style="text-align:right;"| -120
|}


:2. '''Journal Adjustment:'''  
:1. Based on the '''GST Listing (Draft)''', post the GST Bad Debt Recovered double entry using '''Journal Entry'''.
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! GL Code!! Tax !! Tax Rate !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR !! style="text-align:right;"| Local DR(Tax)  !! style="text-align:right;"| Local CR(Tax) !! GST-03
! GL Code !! GL Description !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR !! Add to Final GST-03
|-
|-
| GST-103 || '''AJP-OA''' || '''6%''' || style="text-align:right;"| 2,000 ||  || style="text-align:right;"| 2,120 ||  || '''6a = 0 <br /> 6b = 120'''
| GST-202 || GST - Sales Deferred Tax || style="text-align:right;"| 3,600 ||  ||
|-
|-
| GST-103 || '''SR''' || '''6%''' ||  || style="text-align:right;"| 2,000 || || style="text-align:right;"| 2,120 || '''5a = 0 <br /> 5b = 0'''
| GST-KASTAM || GST - Payable (KASTAM) ||  || style="text-align:right;"| 3,600  || 5(b), 18
|}
|}
 
:2. Amend the Final GST Return (Aug 2018) at TAP.
::[[File: GST-ADJ-Negative 01.jpg]]
:3. Add the amount into
::a. 5(b)
::b. 18


<br />
<br />


==GST Purchase ==
==Adjustment for GST Purchase Deferred Tax (PH-AJP-BD) ==
''Menu: GL | Journal Entry...''
''Menu: GL | Journal Entry...''


:1.'''Input Tax (Negative)'''
::[[File: Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-02.jpg]]
<br />
 
:1. Based on the '''GST Listing (Draft)''', post the GST Bad Debt Recovered double entry using '''Journal Entry'''.
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! Items !! style="text-align:right;"| Value 
! GL Code !! GL Description !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR !! Add to Final GST-03
|-
|-
| 6a || style="text-align:right;"| -1,000  
| GST-KASTAM || GST - Payable (KASTAM) || style="text-align:right;"| 600 || || 6(b)
|-
|-
| 6b || style="text-align:right;"| -60
| GST-102 || GST - Purchase Deferred Tax || || style="text-align:right;"| 600  ||
|}
|}
:2. Amend the Final GST Return (Aug 2018) at TAP.
:3. Add the amount into
::a. 6(b)


:2.'''Journal Adjustment:'''  
==Payment to RMCD==
''Menu: GL | Cash Book Entry...''
 
:Made payment to RMCD, use '''Cash Book Entry (PV)'''.
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! GL Code!! Tax !! Tax Rate !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR !! style="text-align:right;"| Local DR(Tax)  !! style="text-align:right;"| Local CR(Tax) !! GST-03
! GL Code !! GL Description !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR  
|-
|-
| GST-103 || '''TX''' || '''6%''' || style="text-align:right;"| 1,000 || || style="text-align:right;"| 1,060 ||  || '''6a = 0 <br /> 6b = 0'''
| GST-KASTAM || GST - Payable (KASTAM) - Nett Balance || style="text-align:right;"| 3,000 ||  
|-
|-
| GST-103 || '''AJS-OA''' || '''6%''' ||  || style="text-align:right;"| 1,000 || || style="text-align:right;"| 1,060 || '''5a = 0 <br /> 5b = 60'''
| BANK || Bank Name ||  || style="text-align:right;"| 3,000
|}
|}
::[[File: GST-ADJ-Negative 02.jpg]]


<br />
<br />

Latest revision as of 08:45, 24 April 2019

Introduction

1. Double entry adjustment for the balance of GST Sales / Purchase Deferred Tax (Bad Debt Relief) AFTER 29 December 2018.
2. Add the adjustment amount into Final GST Return (amendment).


Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-00.jpg

How to check the Sales/Purchase Bad Debt Recovered amount after Final GST Returns?

Menu: SST/GST | New GST Return...

1. Select a date AFTER the Final GST Return Date, eg. 28/02/2019.
Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-03.jpg
2. Choose Process As Draft.
Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-04.jpg
3. Click on GST Return Draft and print GST Listing.
4. Filter the Tax Date (ie. greater than or equal to 30 December 2018).
Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-05.jpg
 SL-AJS-BD : Sales Bad Debt Recovered (Output Tax).
 PH-AJP-BD : Purchase Bad Debt Recovered (Input Tax).

Adjustment for GST Sales Deferred Tax (SL-AJS-BD)

Menu: GL | Journal Entry...

Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-01.jpg
1. Based on the GST Listing (Draft), post the GST Bad Debt Recovered double entry using Journal Entry.
GL Code GL Description Local DR Local CR Add to Final GST-03
GST-202 GST - Sales Deferred Tax 3,600
GST-KASTAM GST - Payable (KASTAM) 3,600 5(b), 18
2. Amend the Final GST Return (Aug 2018) at TAP.
3. Add the amount into
a. 5(b)
b. 18


Adjustment for GST Purchase Deferred Tax (PH-AJP-BD)

Menu: GL | Journal Entry...

Adjustment for GST Sales Purchase Deferred Tax (Bad Debt Relief Recovered)-02.jpg


1. Based on the GST Listing (Draft), post the GST Bad Debt Recovered double entry using Journal Entry.
GL Code GL Description Local DR Local CR Add to Final GST-03
GST-KASTAM GST - Payable (KASTAM) 600 6(b)
GST-102 GST - Purchase Deferred Tax 600
2. Amend the Final GST Return (Aug 2018) at TAP.
3. Add the amount into
a. 6(b)

Payment to RMCD

Menu: GL | Cash Book Entry...

Made payment to RMCD, use Cash Book Entry (PV).
GL Code GL Description Local DR Local CR
GST-KASTAM GST - Payable (KASTAM) - Nett Balance 3,000
BANK Bank Name 3,000


See also

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Last modified
This page was last edited on 24 April 2019, at 08:45.