November princess: Frequently asked questions when implementing GST in Dynamics AX

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Источник: http://novprincess.blogspot.com/2008...ng-gst-in.html
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Before going to implement GST in Dynamics AX, we have to make clear of the GST procedures and the process behind them. Here are my findings on the procedures of implementing GST in Dynamics AX, this is a helpful guideline for those new to GST.

Procedures of GST
1. Submission
a. Usually most businesses will submit the form F5 either every month or quarterly. Dynamics AX provides a comprehensive sales tax report F5 to automatic calculate the tax to be paid to IRAS or refunds claimed.
The formula as below:
Total Input Taxes – Total Output Taxes

b. At this point, you may run sales tax payment periodic job to let system calculate the tax payable and transfer to vendor account.

2. Refunds Claimed
a. If Total Input Taxes > Total Output Taxes, it mean GST we paid exceeds GST collected. The differences can be claimed from IRAS as a GST refund.

3. Payment
a. If Total Input Taxes Journals > Payments > Payment journal. Choose the IRAS and credit to
business’s cash or bank account.
ii. If not, then you should go to GL > Journals > General journal to post the double
entries, debit to Account Payable, credit to cash or bank.

4. Interest Charges – 5%
a. Using GL > Journals > General journal to debit GST interest, credit Accrual Account

5. Late Payment
a. Using AP > Journals > Payments > Payment journal to post the following entries:
i. Debit GST Accrual Account
ii. Debit GST (Account Payable) or Vendor account
iii. Credit Bank/Cash

Know more on Goods and Services (GST) in Dynamics AX or

Simple steps to set up GST in Dynamics Ax

Источник: http://novprincess.blogspot.com/2008...ng-gst-in.html