10. What is the double entry for service tax invoice and CN issued using SV tax code?: Difference between revisions

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<big>'''Answer:'''</big>  
<big>'''Answer:'''</big>  


1. '''Invoice issue'''
1. '''Full Service Tax Invoice issue'''
::{| class="wikitable" border="1"
::{| class="wikitable" border="1"
|-
|-
Line 17: Line 17:
|-
|-
| 500-000
| 500-000
| Sales
| Service Sales
| SV
| SV
|  
|  
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| 30.00
| 30.00
|}<br />
|}<br />
:3. Reduce/cancel the partly of the service amount. Issue CN using '''tax code: SV'''
::{| class="wikitable" border="1"
|-
! GL Acc
! Desciption
! Tax
! DR
! CR
|-
| 500-000
| Service Sales
| SV
| 500.00
|
|-
| SST-203
| SST - Deferred Tax
| SV
| 30.00
|
|-
| 300-A0001
| Customer ABC
|
|
| 530.00
|}<br />
<big>Conclusion:</big>
# SST Deferred Tax account = '''ZERO''' if the '''Full Service Tax Invoice''' (eg. SV only) outstanding is '''ZERO'''.
# SST Deferred Tax account <> '''ZERO''' if the service tax invoice has '''mixed tax type''' (eg. ST, SV and empty tax code).

Latest revision as of 04:17, 17 February 2020

Answer:

1. Full Service Tax Invoice issue

GL Acc Desciption Tax DR CR
300-A0001 Customer ABC 1060.00
500-000 Service Sales SV 1000.00
SST-203 SST - Deferred Tax SV 60.00

2. Partial Payment knock-off with invoice

GL Acc Desciption Tax DR CR
330-000 BANK 530.00
300-A0001 Customer ABC 530.00

System auto reverse the SST-Deferred Tax after knock-off
GL Acc Desciption Tax DR CR
SST-203 SST - Deferred Tax 30.00
SST-202 SST - Service Tax 30.00

3. Reduce/cancel the partly of the service amount. Issue CN using tax code: SV
GL Acc Desciption Tax DR CR
500-000 Service Sales SV 500.00
SST-203 SST - Deferred Tax SV 30.00
300-A0001 Customer ABC 530.00

Conclusion:

  1. SST Deferred Tax account = ZERO if the Full Service Tax Invoice (eg. SV only) outstanding is ZERO.
  2. SST Deferred Tax account <> ZERO if the service tax invoice has mixed tax type (eg. ST, SV and empty tax code).