When a credit is being claimed for Short Delivery a credit is posted to the Creditors account, there is a GST component for local creditors and stock is written off. Where the credit allowed is more or less that the cost of stock being written off, the difference is posted to the Cost Price Adjustment account attached to that inventory item.
Example
| Ex GST Cost | GST | Inc GST Total |
Credit Allowed Inc GST |
|
|---|---|---|---|---|
| Part A - Shipping Return | 585.00 | 58.50 | 643.50 | 643.50 |
| Part B - no Shipping Return | 600.00 | 60.00 | 660.00 | 550.00 |
Journal
| Warehouse Mask | GST Code | Debit | Credit | |
|---|---|---|---|---|
| Part A - Inventory Value Current Warehouse |
|
|
585.00 | |
| Part A - Creditors Value | 643.50 | |||
| Part A - GST Adjustment Inwards |
|
58.50 | ||
| Part B - Inventory Value Current Warehouse |
|
|
600.00 | |
| Part B - Creditors Value | 550.00 | |||
| Part B - GST Adjustment Inwards |
|
50.00 | ||
| Part B - Cost Price Adjustment |
|
100.00 |
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