GST-03 Item 12 (ES + ES43) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger: Difference between revisions
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''[GL | Print Ledger Report...]''<br /> | ''[GL | Print Ledger Report...]''<br /> | ||
====ES43 & EP==== | |||
:1. In the General Ledger report, you have to insert the '''Tax''' grid column. | :1. In the General Ledger report, you have to insert the '''Tax''' grid column. | ||
:2. Filter the Tax Code (ES and ES43). | :2. Filter the Tax Code (ES and ES43). | ||
::[[File: GST GST-03 Item12-08.jpg| 30PX]] | |||
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:3. Transactions related to ES. See the screenshot below. | |||
::[[File: GST GST-03 Item12-09.jpg| 30PX]] | |||
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:3. Transactions related to ES43. See the screenshot below. | |||
::[[File: GST GST-03 Item12-10.jpg| 30PX]] | |||
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====Net Realized Gain Forex (ES43)==== | |||
:1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''. | |||
::[[File: GST GST-03 Item12-11.jpg| 30PX]] | |||
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:2. Select the Foreign Exchange Rate Gain or Loss Account, click '''APPLY'''. | |||
::[[File: GST GST-03 Item12-12.jpg| 30PX]] | |||
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:3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss. | |||
::[[File: GST GST-03 Item12-13.jpg| 30PX]] | |||
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::{| class="wikitable" | |||
|- | |||
! Account !! Local DR !! Local CR || Explanation | |||
|- | |||
| Gain on Foreign Exchange || 0.00 || 8,480.00 || | |||
|- | |||
| Loss on Foreign Exchange || 593.60 || 0.00 || | |||
|- | |||
| Net Realized Forex || 593.60 || 8,480.00 || 8,480.00 - 593.60 = '''7,886.40 GAIN (ES43)''' | |||
|} | |||
==See also== | ==See also== | ||
* [[Print GST Listing]] | * [[Print GST Listing]] | ||
* [[Print GST-03]] | * [[Print GST-03]] |
Revision as of 09:15, 28 January 2016
How to compare the Total Value of Exempt Supplies between GST-03 and Ledger?
Introduction
- This guide will help to check the data entry source posted for Item 12 Total Value of Exempt Supplies in GST-03.
- 1. GST Tax Code
Tax Code Tax Description Tax Rate Explanation and examples ES43 Incidental Exempt Supplies 0% This refers to Exempt Supplies made under Incidental Exempt Supplies. Incidental Exempt Financial Services Supplies (IEFS) include:-
- interest income from deposits placed with a financial institution in Malaysia
- realized foreign exchange gains or losses
ES Exempt Supplies under GST 0% This refers to supplies which are EXEMPTED UNDER GST.
These supply includes:-
- Selling of Residential Properties to consumer
- Selling of tickets for Public Transportation (Taxis, Stage Buses, Ferries)
- Financial Institution’s interest charges to customers for loan.
- 2. GST-03
Item No. Description Guidelines 12 Total Value of Exempt Supplies ES43 + ES (Taxable Amount)
Note: Net Loss in Forex (ES43)= 0.00
Example of Data Entry
- 1. ES43 - Interest income from deposits placed with a financial institution in Malaysia
- 2. ES43 - Realized foreign exchange gains or losses
- 3. ES - Financial Institution’s interest charges to customers for loan
GST-03 Item 12: Total Value of Exempt Supplies
[GST | Print GST-03...]
Tips: Trans Type = _X, it means the posting entry related to Realized Gain or Loss in Foreign Exchange.
Cross Check Reports
GST Listing
[GST | Print GST Listing...]
Tax Code | Local Amount | Explanation |
---|---|---|
ES43 | 5,000.00 | Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES43 |
ES43 | Gain=7,886.40 | Net realized forex gain calculated |
ES | 50,000.00 | Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES |
Total | 62,886.40 | Total value shown in GST-03 Item 12 |
GL Ledger
[GL | Print Ledger Report...]
ES43 & EP
- 1. In the General Ledger report, you have to insert the Tax grid column.
- 2. Filter the Tax Code (ES and ES43).
Net Realized Gain Forex (ES43)
- 1. Check the Foreign Exchange Rate Gain or Loss Account setting at Tools | Options...(General Ledger).
Account Local DR Local CR Explanation Gain on Foreign Exchange 0.00 8,480.00 Loss on Foreign Exchange 593.60 0.00 Net Realized Forex 593.60 8,480.00 8,480.00 - 593.60 = 7,886.40 GAIN (ES43)