Once you have completed checking of your GST transactions using F5 Detail report, you may generate the GST F5 report for your submission to IRAS.
In this scenario, your company has to make a payment of S$19,965.87 to IRAS.
The GST Output Tax and GST Input Tax accounts hold the balance accumulated over the submission period, and has to be cleared for the next submission period.
Perform the following Journal Entry adjustment to move the current submission period's amount out of the accounts and into the GST Payable account.
Each row should correspond with boxes (6), (7) & (8) of the GST F5 report.
Payment can then be document against the GST Payable account.
Once submission has been made to IRAS, make sure to indicate in SAM using the POST button in GST module.
Do note that the above is our recommended method which uses GST Payable account, but it is not the only method.
You can opt to skip the Journal Entry step; and for Payment Voucher, make payment against GST Input Tax and GST Output Tax accounts instead.
In this scenario, your company has to make a claim of S$10,910.09 from IRAS.
The GST Output Tax and GST Input Tax accounts hold the balance accumulated over the submission period, and has to be cleared for the next submission period.
Perform the following Journal Entry adjustment to move the current submission period's amount out of the accounts and into the GST Payable account.
Each row should correspond with boxes (6), (7) & (8) of the GST F5 report.
Receipt can then be document against the GST Payable account.
Once submission has been made to IRAS, make sure to indicate in SAM using the POST button in GST module.
Do note that the above is our recommended method which uses GST Payable account, but it is not the only method.
You can opt to skip the Journal Entry step; and for Receipt Voucher, receive refund against GST Input Tax and GST Output Tax accounts instead.