Hi All,
I have scenario which want to map in Pricing procedure.
Invoice For advances received from customer.
Suppose total Sales order amount is for USD 106,700 ( Basic 97,000 + VAT 9,700 )
a) We received 20% advance along with order USD 21,340 ( Basic 19,400 + VAT 1,940 )
| Bank receipt Entry for first 20% Advance | ||
| Bank account Dr. | USD 21,340 | This entry we will post manually as bank receipt |
| To Tomi Hartanto Cr. | USD 21,340 |
| Tax Invoice for first 20% advance | ||
| 1591110 VAT Paid on customer advance a/c Dr. | USD 1,940 | This entry will come at the time of invoice raised for 20 % advance |
| 1591100 VAT on Sales Cr. | USD 1,940 |
| Tax amt Payment to treasury | ||
| 1591100 VAT on Sales Dr. | USD 1,940 | This entry we will post manually as bank payment |
| Bank account Cr. | USD 1,940 |
b) We received 70% as second advance USD 74,690 ( Basic 67,900 + VAT 6,790 )
| Bank receipt Entry for second 70% Advance | ||
| Bank account Dr. | USD 74,690 | This entry we will post manually as bank receipt |
| To Tomi Hartanto Cr. | USD 74,690 |
| Tax Invoice for second 70% advance | ||
| 1591110 VAT Paid on customer advance a/c Dr. | USD 6,790 | This entry will come at the time of invoice raised for 70 % advance |
| 1591100 VAT on Sales Cr. | USD 6,790 |
| Tax amt Payment to treasury | ||
| 1591100 VAT on Sales Dr. | USD 6,790 | This entry we will post manually as bank payment |
| Bank account Cr. | USD 6,790 |
c) Final Invoice of 100%
| Customer account Dr. | USD 106,700 | This entry will come at the time of final invoice raised |
| To Sales Cr. | USD 97,000 | |
| 1591100 VAT on Sales Cr. | USD 970 | |
| 1591110 VAT Paid on customer advance a/c Cr. | USD 8,730 | VAT already paid on customer advance will adjust here |
| Tax amt Payment to treasury | ||
| 1591100 VAT on Sales Dr. | USD 970 | This entry we will post manually as bank payment |
| Bank account Cr. | USD 970 |
Invoice Detail:
Sub total: Rs 90600
Packing: Rs 2000
Total CIF: Rs 92600
Duty Clearing:Rs 5430
Less Discount: Rs 1030
Total : Rs 97000
VAT 10% : Rs 9700
Grand total : Rs 106700
20% Advance 21340
VAT 10% 2134 show in different G/L account.
In 20% advance 10% VAT have to be shown which will be sent to different account, same with 70% and final amount.