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Advance Receipts Summary for GCC VAT

Related topics

Audit File

Tax Payment Reconciliation

Reverse Charge Summary

Return Transaction Book

When advance is received and an invoice is not recorded against the advance in the same period, the taxable person has to pay tax on the amount of advance received. In a taxable period, keeping track of the advance received and creating tax liability for such an amount will be a difficult task.

The report Advance Receipt Summary provided in Tally.ERP 9 will help you get the details of all advance receipts in a period. With this report it is easy to get the details of advance received, invoice created, and liability booked against the total advance amount. This report will also provide the details of unrecorded advance amount for, which, liability is not created yet.

View the Advance Receipts Summary

1. Go to Gateway of Tally > Display > Statutory Reports > VAT > Advance Receipt Report .

The Advance Receipts Summary report appears as shown below:

All the receipts recorded are listed under two sections, Not marked as Advance Receipt and Marked as Advance Receipt .

The amount of advance received and the amount for which invoices are not raised against the advance are displayed voucher-wise in this report. Also, the taxable amount from the advance received, and the tax amount are also displayed.

The footer section of the report displays the summarised values for:

Total Liability to be Booked : Total tax amount for which liability has to be booked for the advance received.

Liability Booked : The advance amount for which liability is booked by recording a journal adjustment transaction is displayed in this row.

Balance Liability : The advance amount pending after booking sales and liability is displayed in this row. Tax liability has to be booked for this amount.

Note : Click F1 : Detailed to view the sales and credit note transactions recorded to adjust the amount of advance received.

Create liability for the pending advance amount

Click J : Stat Adjustment and record the journal voucher. Click here for the steps on creating a journal voucher to record the increase in tax liability on account of the advance received.

Mark regular receipts as advance receipts

Click F5: Mark as Advance . The Advance Receipt Details screen is displayed enabling you to record the Tax rate and Advance amount when you mark a receipt as advance.

View receipt vouchers not marked as advance

Click F4: Show All to view all receipt vouchers recorded for the period. By default only the advance receipt transactions are displayed in the report.