SST-Account for Pending Service Tax over 12 months: Difference between revisions
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! GL Acc !! Description || Account Type | ! GL Acc !! Description || Account Type | ||
|- | |- | ||
| SST-PRE || SST - PENDING SERVICE TAX PREPAID || | | SST-PRE || SST - PENDING SERVICE TAX PREPAID || CURRENT ASSETS | ||
|} | |} | ||
<br /> | <br /> | ||
:2. | :2. Follow the double entry below to create Journal Entry. | ||
::{| class="wikitable" | ::{| class="wikitable" | ||
|- | |- | ||
! | ! GL Acc !! Description || Account Type | ||
|- | |- | ||
| SST-PRE || SST - PENDING SERVICE TAX PREPAID || CURRENT ASSETS | |||
|} | |} | ||
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Revision as of 04:08, 24 July 2019
Introduction
- Service Tax required to be accounted if on the day following period of 12 month when any whole or part of the payment is not received from the date of the invoice for the taxable service provided.
Journal Entry Adjustment
Pending service tax to be paid
- 1. Create the following GL Account.
GL Acc Description Account Type SST-PRE SST - PENDING SERVICE TAX PREPAID CURRENT ASSETS
- 2. Follow the double entry below to create Journal Entry.
GL Acc Description Account Type SST-PRE SST - PENDING SERVICE TAX PREPAID CURRENT ASSETS