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Sage 50 - I just received a supplier invoice dated few months ago, how can I claim the input tax in the current taxable period ?
Author: Wan Hua Ng Reference Number: AA-08048 Views: 2208 Created: 2016-03-31 14:59 Last Updated: 2016-03-31 16:39 0 Rating/ Voters

Scenario :

My current taxable period now is April 2016. I just received a supplier invoice dated December 2015. How should I enter the invoice so that I am still able to claim the GST Input tax ?

Solution :

a) Setting

In the Inventory & Billing Settings, make sure [Use Document Date as Journal Date During Posting] is set to "No".

If your company has the practice of closing the financial period after month end, instead of reopen the financial period, you just need set [Allow transaction entry in closed period] as "Yes". With this setting, you will be able to enter transactions in closed period, but you will still need to post it to a open financial period.

b) Entry

When enter the supplier invoice, make sure the invoice date enter is as per date printed on the invoice. In our example, it is December 2015.

When the confirmation message is shown, click on "Yes" to proceed.

When post the invoice to Accounting, make sure it is posted to April 2016.

Check the GST-03, the supplier invoice transaction is shown in the current taxable period.

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