SST-Account for Pending Service Tax over 12 months

From eStream Software
Revision as of 10:07, 24 July 2019 by Csloo (talk | contribs) (Pending service tax to be paid)
Jump to: navigation, search

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 (Invoices tab)

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. Under the Invoice tab, system will list out the outstanding service invoices has over 12 months when process the SST return.
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. System will prompt the list of outstanding service invoices has over 12 months when process SST return.
2. Follow the Service Tax rules, click Pay Pending Service Tax button.
SST-PendingServiceTax-08.jpg


3. Right click on the grid column, select Print Grid.
4. Print out the list of the prepayment service invoice which has received payment for record purpose.
5. Post the journal entry and follow the double entry below to recover the service has been paid.
SST-PendingServiceTax-06.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 SVA 6,000.00 360.00 10,600.00
SST-PRE SST - PENDING SERVICE TAX PREPAIRD 6,360.00 6,360.00


6. Next, go to New SST Return. Click Process.
7. At this time, click Continue SST-02.
SST-PendingServiceTax-07.jpg


See also