{"id":132,"date":"2018-09-06T09:37:06","date_gmt":"2018-09-06T02:37:06","guid":{"rendered":"https:\/\/www.support.skybizglobal.com\/?p=132"},"modified":"2018-09-06T09:37:06","modified_gmt":"2018-09-06T02:37:06","slug":"how-to-enter-gst-payment-and-refund","status":"publish","type":"post","link":"https:\/\/aisupport.skybizglobal.com\/skybizclouderp\/how-to-enter-gst-payment-and-refund\/","title":{"rendered":"How to enter Gst Payment and Refund"},"content":{"rendered":"

Below are suggested accounting entries for GST payment and refund.<\/strong><\/p>\n

Scenario 1:\u00a0Output more than Input<\/strong><\/p>\n

Step 1 : Create a new account code [GST Payable or Refund Account]\u00a0<\/strong><\/p>\n

Go to Chart of Account (COA) > expand B72 > right click B72-0000 > click Add a new account under this level > create account named “GST Payable & Refundable” > Add New<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

Step 2 : Create a General Journal<\/strong><\/p>\n

Go to General Journal (GJ) > debit GST Input Tax a\/c; credit GST Payable & Refundable\u00a0a\/c > Add New<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Step 3 : Create a Payment Voucher<\/strong><\/p>\n

Go to Payment Voucher (PV) > General Ledger > credit bank a\/c, debit GST Payable and refundable a\/c > Add New<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

Scenario 2: Input more than Output<\/strong><\/p>\n

Step 1 : Create a new account code [GST Payable or Refund Account]\u00a0<\/strong><\/p>\n

Go to Chart of Account (COA) > expand B72 > right click B72-0000 > click Add a new account under this level > create account named “GST Payable & Refundable” > Add New<\/strong><\/p>\n

\"\"<\/strong>
\n\"\"\u00a0\u00a0<\/strong><\/p>\n

Step 2 : Create a General Journal<\/strong><\/p>\n

Go to General Journal (GJ) > credit GST Onput Tax a\/c; debit GST Payable & Refundable\u00a0a\/c > Add New<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

Step 3 : Create an Official Receipt<\/strong><\/p>\n

Go to Official Receipt (OR) > General Ledger > debit bank a\/c, credit GST Payable and refundable a\/c > Add New<\/strong><\/p>\n

\"\"<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Below are suggested accounting entries for GST payment and refund. Scenario 1:\u00a0Output more than Input Step 1 : Create a new account code [GST Payable or Refund Account]\u00a0 Go to Chart of Account (COA) > expand B72 > right click B72-0000 > click Add a new account under this level > create account named “GST ..<\/p>\n

<\/div>\n

Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-132","post","type-post","status-publish","format-standard","hentry","category-financial"],"yoast_head":"\nHow to enter Gst Payment and Refund - SKYBIZ Cloud ERP Support<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to enter Gst Payment and Refund - SKYBIZ Cloud ERP Support\" \/>\n<meta property=\"og:description\" content=\"Below are suggested accounting entries for GST payment and refund. 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