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Block Input Tax BL in QNE Software

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Question
can I know how normally the double entries look like for BL (Block input tax)? Example the company purchase a motor vehicle (100k), the entry will be CREDIT Creditor 106k, DEBIT Fixed Asset 100k & DEBIT GST Expenses 6k?

Answer

Yes. the posting are:

DEBIT Fixed Asset 100k

DEBIT GST Expenses 6k

      CREDIT Creditor 106k

 

In the Tax Code Maintenance, if you refer to "BL", the posting account we should select "GST Expenses" instead of "GT Input Tax".

once you select this tax code, GST 03 and other GST Details Listing will not include this transaction.


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Views: 8820 Created on: Nov 17, 2014
Date updated: Nov 17, 2014
Tagged: GST


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