Difference between revisions of "SST-Account for Pending Service Tax over 12 months"

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(Journal Entry Adjustment)
(Pending service tax to be paid)
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:8. At this time, click '''Continue SST-02'''.
 
:8. At this time, click '''Continue SST-02'''.
 
:[[File:SST-PendingServiceTax-05.jpg |500px]]
 
:[[File:SST-PendingServiceTax-05.jpg |500px]]
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===Payment Recovery for Pending Service Tax Prepaid===
 
===Payment Recovery for Pending Service Tax Prepaid===

Revision as of 09:34, 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.


SST-PendingServiceTax-00.jpg

Journal Entry Adjustment

Pending service tax to be paid

1. For first time, create the following GL Account.
SST-PendingServiceTax-01.jpg


GL Acc Description Account Type
SST-PRE SST - PENDING SERVICE TAX PREPAID CURRENT ASSETS


2. During SST-02 process, system will prompt the list of outstanding service invoices has over 12 months.
3. Follow the Service Tax rules, click Pay Pending Service Tax button.
SST-PendingServiceTax-02.jpg


4. Right click on the grid column, select Print Grid.
SST-PendingServiceTax-03.jpg


5. Print out the list of outstanding service invoices for record purpose.
SST-PendingServiceTax-03b.jpg


6. Post the journal entry and follow the double entry below to account the service tax pending over 12 months to be paid.
SST-PendingServiceTax-04.jpg


GL Code GL Description Tax Local DR Local CR Tax Amount Local DR (Tax) Local CR (Tax)
SST-PRE SST - PENDING SERVICE TAX PREPAIRD 10,600.00 10,600.00
SST-PRE SST - PENDING SERVICE TAX PREPAIRD SVA 10,000.00 600.00 10,600.00


NOTE:
1. Go to SST/GST | Maintain Tax.
2. Look for tax code: SVA.
3. Edit and tick Active.
4. Save it.
7. Next, go to New SST Return. Click Process.
8. At this time, click Continue SST-02.
SST-PendingServiceTax-05.jpg


Payment Recovery for Pending Service Tax Prepaid

1. Follow the double entry below to recover the payment has made to pending service tax prepaid.
GL Code GL Description Tax Local DR Local CR Tax Amount Local DR (Tax) Local CR (Tax)
SST-PRE SST - PENDING SERVICE TAX PREPAIRD SVA 6,000.00 360.00 10,600.00
SST-PRE SST - PENDING SERVICE TAX PREPAIRD 6,360.00 6,360.00


2. Next, go to New SST Return. Click Process.
3. At this time, click Continue SST-02

See also