Simplified Import Procedure - EXN
- Ben Catalan
Please find the following suggested steps on how to record the series of events for simplified.
Receipt of the SAD document
Account | Debit | Credit |
|---|---|---|
Inventory Received Not Billed * | 3 500 |
|
Tax Agency Settlement |
| 3 500 |
VAT Purchase | 16 202 |
|
VAT Sales |
| 16 202 |
This will be recorded as a journal entry.
The tax code will be assigned to the lines for the tax duty.
The VAT amount should be modified in the line item accordingly.
The supplier will be assigned in the Name.
This will appear in the JPK_V7.
Important: The tax code should be mapped correctly in order to flow through the JPK_V7.
Sample Journal Entry
Indicate Date, [Sta] Date of Issue, Register Type, Memo
Add transaction lines for Duty Tax
Debit Line
Select Account: Good Received Not Invoiced Account
Input Amount
Assign Entity: Tax Agency
Credit Line
Select Account - Tax Liability Account
Input Amount
Assign Entity - Tax Agency
Add transaction lines for Gross Amount
Debit Line
Select Account: Clearing/Temporary Account
Input Amount
Assign Tax Code: VAT:SIP-PL
Select [Sta] VAT Txn Type - Purchase
Credit Line
Select Account: Clearing/Temporary Account
Input Amount
Assign Tax Code: VAT:SIP-PL
Select [Sta] VAT Txn Type - Sales
Payment of the duty tax
Account | Debit | Credit |
|---|---|---|
Tax Agency Settlement | 3 500 |
|
Bank |
| 3 500 |
This will be posted as a journal entry.
Sample Journal Entry
Indicate Date, [Sta] Date of Issue, Register Type and Memo
Add Debit line
Select Debit Account - Tax Liability Account
Amount
[Sta] VAT Txn Type - Sales
Entity - Tax Agency
Add Credit line
Select Credit Account - Bank Account
Input Amount
JPK Impact
VAT Position 25-26 will show taxable amount and tax amount respectively.
VAT Position 42-43 will show taxable amount and tax amount respectively.
Recording of Final Invoice
Account | Debit | Credit |
|---|---|---|
Inventory Received Not Billed* | 66 912 |
|
Accounts Payable |
| 66 912 |
The tax should be at 0%.
This will be posted using vendor bill transaction.
https://5445299-sb5.app.netsuite.com/app/accounting/transactions/vendbill.nl?id=14514589
Sample Vendor Bill
Select Vendor
Select Account: Trade Payables Account
Indicate Date, [Sta] Date of Sale, [Sta] Date of Issue, Due Date
Select [CTK] Register Type
Input Internal Memo
Under Expenses Subtab, select Account: Goods Received Not Invoiced Account
Input Gross Amount
Assign Tax Code: SIP PL
Tax Amount - Set to Zero
JPK V7 Impact - 42-43
Tax Base, Tax Amount , Notional Tax Amount and Gross Amount is should be null/empty
Receipt of the Item
Account | Debit | Credit |
|---|---|---|
Inventory (Asset) | 70 412 |
|
Inventory Received Not Billed * |
| 70 412 |
This will be posted through item receipt transaction.
The amount should be adjusted by the tax duty.