How to input Deemed Supply in the GST module of QNE Firebird version?
Below is the sample scenario for deemded supplies.
a GST Registered Company giving away their inventory to their customers or employee as a free gift, if the open market value is more than RM500 then this is consider deemed supplies and subject for GST.
In QNE, there is a tax code in the output tax name "DS"
user can input the below journal to account for the output tax for the deemed supplies.
Kindly find the explanation in the picture http://www.qne.com.my/file/file/Deemded%20Supply%20in%20QNE.jpg
Note: QNE Optimum handle the deemed supply using a "Free Gift Journal" and system will generate the double entries automatically.