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How to input Deemed Supply in the GST module of QNE Firebird

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Question
How to input Deemed Supply in the GST module of QNE Firebird version?

Answer

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.

 

 

 

 


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Article Details
Views: 11259 Created on: Sep 20, 2014
Date updated: Jan 28, 2015
Posted in: GST related, Optimum
Tagged: GST


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