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Hi,
Is there any option to account for bank charges,Processing fees etc (Invoice raised from the Bank with GST) without creating bank as vendor?
As per my understanding in order to post an invoice with GST the bank also needs to be created as a vendor.
Hello Rohit K N,
You can directly post the charges on an expense account with sales tax if you like.
So, your accounting entries are:
DR: Expense account
CR: Bank
If you specify an item sales tax group and a sales tax group as you would do for a vendor invoice then you can post the expense directly against a bank account.
Best regards,
Ludwig
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