Accounting for Customs Duty Separately (Excise for Importer)
You can account for customs duty separately and not in the excise purchase invoice as it will add up to the supplier’s ledger.
To account for custom ledger separately
- Record the excise purchase transaction without customs duty because you are going to pay customs duty amount to the customs department and not the supplier.
2. On the same day, record a journal voucher to allocate customs duty to the import stock item.