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#Post#: 56--------------------------------------------------
Tax code for credit note
By: Hui Theng Date: July 12, 2017, 2:05 am
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Hi,
Scenario as below:
Tax invoice issued with tax code (SR):
Dr STLOR
CR Commission Income
GST output
Receipt issued:
DR Bank
CR STLOR
One month later, we get instruction to refund this commission
income to customer (exclude GST).
For refund entry,what tax code should I choose for credit note?
Kindly advise.
#Post#: 66--------------------------------------------------
Re: Tax code for credit note
By: kvmrt-ug Date: July 12, 2017, 7:06 pm
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SR. Therefore in your GAF it will recorded a positive SR when
you receive the money, and negative SR (both under "S") when you
refund the money.
#Post#: 67--------------------------------------------------
Re: Tax code for credit note
By: Hui Theng Date: July 12, 2017, 8:07 pm
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But we want refund the commission income amount only (exclude
GST amount).If choose SR will be refund included GST amount.
#Post#: 78--------------------------------------------------
Re: Tax code for credit note
By: NSelvam Date: July 13, 2017, 5:27 am
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My friend works for this Company where :
Issue Customer Tax Invoice with GST - use
Tax Code SR (5a,5b)
Issue Credit Note to cancel the Invoice no GST - use Tax
Code OS
I am not in a position to comment on this
What I can tell
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When the Auditor examines the GAF of the other party, they will
see Tax Code TX for the Invoice received & possibly OP for the
Credit Note and they will ask for details
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