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Tax on Advance Receipt (English)

To implement GST on Advance Receipt in BUSY, you need to perform the following steps: 1. Enter the Receipt voucher and create a reference for the amount received. To enter transactions for the advance amount received, you need to enter a Receipt voucher and specify GST Nature as ‘Advance Receipt’. On saving the voucher, an Allocation of Advance with GST window appears where you must create a reference for the advance amount received. In the window, specify the reference number, advance amount, i.e. amount from which GST is to be deducted (if required) and the GST rate, i.e. rate at which GST is to be deducted. In the above example, we have created two references with different tax rates assuming that we have received the advance amounts for items taxable at different tax rates. Click the Save button to save the transaction. 2. Enter the Sales/Refund transaction and adjust it against the reference created for the advance amount. Enter the Sales transaction and adjust the sale bill with the reference created for the amount received in advance. On saving the Sales voucher, an Adjustment of Advance with GST window appears in which you need to select the reference with which you want to adjust the Sale bill. After selecting the reference, click the Save button to save the voucher. Once you have entered the required transactions, the next step is to check the tax to be paid against the pending advance receipt (for which the invoice was not raised in the current tax period). 3. Check/Post Tax against Advance Receipt. For this, go to Transactions - Misc. - GST Utilities - Check/Post Tax on the Advance Receipt menu. On selecting this option, a Tax on Advance Receipt window appears in which you need to specify the month, type of entries to be considered, i.e. Pending or All (including cleared) and type of transactions for which the report is to be generated, i.e. local, central or both. Click the Ok button. On clicking the Ok button, a Tax on Advance Receipt report will appear. Through this report, you can check the advance entries, their adjustments, and the tax payable. Once data is checked and verified, you can post an accounting voucher for the same using the F4 key. In the voucher posting window, by default, CGST/SGGST/IGST output and IGST/SGST/IGST adjustable against advance accounts appear. You can use the same accounts or change them per your requirement and click the Save button to post a Journal voucher. With the help of the above voucher, we have updated our accounts for our tax liability arising out of advance receipt. 4. Check / Post Tax Adjustable Against Advance Receipt Select this option to check the tax amount to be adjusted against advance. Basically, if the tax on the advance amount is paid in a month and billing is done in the next month, you can post an entry for tax reversal. Now, you will enter a reversal entry for the tax adjustable against tax already paid in advance. For this, you will go to Transactions GST Misc. Utilities Check / Post Tax Adjustable Against Advance option. On clicking this option, you need to specify the month for which you want to check/post-tax adjustable, the Type of transactions, i.e. local, central or both and whether you want to include tax adjustable of the current month also or only for the previous month. Click the Ok button. On clicking the Ok button, a Tax Adjustable Against Advance window appears. In the report, you can press the F4 key and post a Journal voucher for the same. Refund against Advance Receipt Apart from the cases discussed above, one more case is that you have refunded the advance amount received, i.e. no billing is done, and the amount is paid back to the party. For this, you can enter a Payment voucher, select the GST Nature as Refund against Advance Receipt option, and adjust the refund amount with the reference created for the advance amount received. With this, we have completed the process of implementing GST on Advance Receipts in BUSY About Busy: Busy Accounting Software is a leading accounting solution designed for small businesses that are both comprehensive and easy to use. Busy helps you streamline your bookkeeping and increase accounting efficiency with features like financial accounting, inventory management, auto E-Way Bill and E-Invoice generation, and GST invoicing. Take a free trial of Busy today! Watch other videos related to GST: Migration to GST in BUSY (English) -    • Migration to GST in BUSY (English)   GST on Freight Charges in BUSY (English) -    • GST on Freight Charges in BUSY (English)   Implementing GST in BUSY (English) -    • Implementing GST in BUSY (English)   GST Summary & Adjustment Entries (English) -    • GST Summary & Adjustment Entries (Eng...   GST Return Filing & Reconciliation (English) -    • GST Return Filing & Reconciliation (E...