How do I enter a discounted sale price scheme entry
For this example please reference IRAS example.
You sold a motor vehicle at $25,000 (excluding GST) on 5 Jan 2023.
GST chargeable = $25,000 x 50% x 8% = $1,000
For GST reporting purposes
Value of standard-rated supply: $25,000
Output tax due: $1,000
the GST value can be manually changed to 50% of the original value.
For reporting box one value is the full principal value.
for output tax it is also the 50% value.
Related Articles
Discounted Sale Price Scheme
Using the example from IRAS website, https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/general-gst-schemes/discounted-sale-price-scheme You sold a motor vehicle at $25,000 (excluding GST) on 5 Jan 2024. GST chargeable = $25,000 x 50% x 9% = ...1.0. Opening Entry Overview
Opening Entry Opening entries are essential for transitioning financial data into the new system accurately. They align general ledger balances, outstanding AR/AP documents, and inventory as of a chosen, audited date. This process ensures the ...Accounting add-on: Multi-Price Module
This is a paid addon module, features described here are only available to those who purchased it. User Guide PDF can be downloaded from 'Attachment' section below.How to Enter UnPresented Cheques into Openings?
Scenario How to enter UnPresented Cheques into Openings?Solution You can do it by creating a Opening GL entry from the Adjustment menu. Steps 1 To key in your Unpresented Chques from the last financial year into the physical year. For doing this ...4.0. Opening Stock
Opening Stock This module is for entry of item details which currently make up the balance(s) in your Inventory/Stock account(s). At the simplest level, each Item that has Qty and Cost (as at Opening Date) will require an Opening Stock document. ...