how to pass journal entries for reverse tax on input tax paid
- 1 Answers
- 2807 Views
- I also Faced
- E-Mail Answers
Answer Posted / Nirbhaya Singh
To create journal entries for reverse tax on input tax paid, you can follow these steps:
1. Create a reversal document (like credit memo or debit note) for the previously posted sales invoices.
2. In the reversal document, enter the original input tax amount as negative to reverse it.
3. If necessary, update the tax code and tax category based on the correct VAT/GST rate.
4. Post the reversal document.
5. The system will automatically create the corresponding journal entries for the reversed input tax amount and adjust the output tax liabilities or assets.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
please send me banking question on my email ID as I have been selected for state bank of india .my email ID is sawant.supriya51@gmail.com
rate of vat on gold purchase local & o.m.s. & rate of % in sale local & o.m.s.
Please provide me the entire format of P.F. & ESI
How many invoices on average do you handle on a weekly/monthly basis?
Tell us what kind of work environment do you prefer?
hi, this is shanthi kumar(M.Com). i would like to attend interview in genpact company.please send finance interview questions and interview details. thank u very much
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
WHICH QUESTIONS ASKED IN EPFO IN 2009.
Have you ever made mis reports and what are they?
Do you have any professional experience in this field?
Which accounting applications are your familiar with?
what's the mean by Imprest system? Please give me Replay on this no. 9885789716
What qualities have you got that would make you a good accountant?
Do you use social media to identify prospects?
VAT PER SURCHARG KAB SE KIS DATE SE LAG RAHA HAI
