The purpose of the VOTI is to collect the GST/VAT codes applicable to the determined value of the import and post the tax through to the creditors account. The journal posts both a debit and credit to the ledger account attached to Creditor Sourced Purchases for that creditor and assigns the BAS code to the debit entry. This results in a zero impact on the ledger, but a posting for BAS purposes. The GST amount is updated into the creditors account as an invoice.
Example
| Ex GST Amount | GST | Inc GST Amount | |
|---|---|---|---|
| Customs Valuation | 25,000.00 | 2,500.00 | 27,500.00 |
| General Ledger Account | BAS Code | Debit | Credit |
|---|---|---|---|
| Creditor Sourced Purchases |
|
25,000.00 | |
| Creditor Sourced Purchases | 25,000.00 | ||
| GST Inwards |
|
2,500.00 | |
| Creditor Value | 2,500.00 |
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