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 | ||
| | | | ||
Line 72: | Line 72: | ||
| 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:
- 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).