The following financial entries are required:
DR GST Suspense RM XXXX
CR Tax Payable [SR] RM XXXX
Sage One does not raise tax on customer receipts you will therefore need to do a Customer Adjustment in order to record the Output Tax payable on the advance payment:
Reversing this entry
When the sale is made and the invoice is generated for the advance payment you will need to reverse the customer adjustment that you did:
When a partial payment is made against a supplier invoice for imported services, GST must be computed [based on reverse mechanism; input tax [TX] against output tax [DS] on the payment made [not on the supplier invoice]. The financial entries will be:
DR Supplier RM 3,000.00
CR Bank RM 3,000.00
DR Tax Payable [TX] 180.00
CR Tax Payable [DS] 180.00
Sage One does not raise tax on supplier payments you will therefore need to raise the tax effect manually in the system.
You will need to capture the purchases tax “P [TX] Taxable Supplies” using a Supplier Adjustment and you will need to capture the supply tax ‘S [DS] Deemed Supplies” using a Customer Adjustment.