SST-Account for Pending Service Tax over 12 months
From eStream Software
- 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
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.
- 6. Post the journal entry and follow the double entry below to account the service tax pending over 12 months to be paid.
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.
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