Hi,
We have made all the necessary setups as required to calculate service tax on Advances (For India Localization) based on the attached document. (click on the link)
As per the document, the correct entry system must post is as below:
| Account |
Debit (in INR) |
Credit (in INR) |
| Advance account (Bank) |
11,500.00 |
|
| Customer (prepayment) |
|
11,500.00 |
| Interim service tax payable |
1,400.00 |
|
| Interim SBT payable |
100.00 |
|
| Interim KKC payable |
100.00 |
|
| Interim service tax payable |
|
1,400.00 |
| Interim SBT payable |
|
100.00
|
| Interim KKC payable |
|
100.00 |
However AX 2009 posts the wrong entry as below:
| Account |
Debit (in INR) |
Credit (in INR) |
| Advance account (Bank) |
10,000.00 |
|
| Customer (prepayment) |
|
11,500.00 |
| Service tax payable |
1,400.00 |
|
| SBT payable |
100.00 |
|
| KKC payable |
100.00 |
|
Please note this is for India Localization.As required by the Microsoft White paper (above), we have changed the Accounting basis to "Point of taxation basis"
Please advise if I have missed out any required setups or necessary changes to be done.
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