GST tax reversal offsetting.

(1) Share

Report

Posted on by Vinesh Tandel

590

Hi All,

i have a query.
A general entry was passed for a particular accounts
say debit '426171' and credit '542203' and also debit'217320' (GST input tax). but we realized there was a issue to entry amount
so reversed it but when we did only for the tax
account it did not affect credit a/c '217320' (GST input tax)
but it did effect a/c '217310' (GST output tax).

Is this normal as tax account is offsetting to differnt a/c no ?

Note : in GL-main account if
we filter out '217320' (GST input tax) and '217320' (GST input tax).
check out screen shot.

Thanks,

*This post is locked for comments

I have the same question (0)

All responses (8)

Answers (1)

Vinesh Tandel 590 on at

Like (0)

Report

Was this reply helpful? Yes No
Suggested answer

Ludwig Reinhard Microsoft Employee on at

Like (0)

Report

Hi Vinesh,

The reversal transaction is not identical to the original transaction.

How has the reversal been posted exactly.

Can you let us know the replication steps?

Best regards,

Ludwig

Was this reply helpful? Yes No
Mahim Kulbhushan Ch... 287 on at

Like (0)

Report

Dear Vinesh ,

It must be the case of RCM ( reverse charge mechanism ) Where you need to book GST on behalf of opposite party if they have not booked in their invoice or if the party is not registered in GST.

In this case entry books output GST in advance while booking purchase invoice. So at the time of reversal it will reverse out GST.

POST original voucher and reversed voucher here . You will get more clarity.

Let us know the outcome.

Was this reply helpful? Yes No
Vinesh Tandel 590 on at

Like (0)

Report

Thanks Ludwig and Mahim.

There is no RCM ( reverse charge mechanism ).

i tried to post an entry and then reversal it is posting to one GST input a/c only even in reversal.

meaning when is issue transaction was posted some thing went wrong and we cannot re create the scenario.

NOTE : In GL setup and i checked no offsetting account is mentioned for either GST a/c nos.

Was this reply helpful? Yes No
Ludwig Reinhard Microsoft Employee on at

Like (0)

Report

Hello Vinesh,

Can you send us the replication steps that show us what you did when and how you created those transactions?

Many thanks,

Ludwig

Was this reply helpful? Yes No
Vinesh Tandel 590 on at

Like (0)

Report

Sorry Ludwig.

I meant below

NOTE : In GL setup and i checked no offsetting account is 'not' mentioned for either GST a/c nos..

i tried to post an entry and then reversal it is posting to one GST input a/c only even in reversal. so it should be fine.

Was this reply helpful? Yes No
Verified answer

Ludwig Reinhard Microsoft Employee on at

Like (0)

Report

Hi Vinesh Tadel,

Do I understand you correctly that your issue is 'resolved' for the moment because you cannot replicate the problem?

Anything else you need help with in this respect or can we verify and close this case?

Best regards,

Ludwig

Was this reply helpful? Yes No
Vinesh Tandel 590 on at

Like (0)

Report

yes please close thanks.

Was this reply helpful? Yes No