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Booked a Service Charge Invoice for an unregistered Vendor through Accounts Payable > Invoice Journal. The accounting entry is as per the attached screenshot.
Firstly, is the accounting correct? Secondly what are the steps to follow to complete the transaction of paying the GST to authority, making payment to Vendor against the invoice and finally getting the benefit of Input Tax Credit.
As I understand, in Navision there is an option of GST Settlement, where in the RCM entries when paid get reversed automatically from interim account to expense account.
Any setup required to achieve this?
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