Sage 50 - Import of Goods for FIFO user, Fixed Cost or Non-Inventory User (Freight Forwarder pay GST on behalf) : Ask4key Sdn Bhd (1082737-D)

Sage 50 - Import of Goods for FIFO user, Fixed Cost or Non-Inventory User (Freight Forwarder pay GST on behalf) Print

Modified on: Tue, 4 Aug, 2015 at 11:51 AM

Scenario: Local Freight Forwarder paid GST on importation on behalf of company.

1. You received Supplier Invoice from your Supplier in USD. The exchange rate is RM3 per USD.

2. You received Freight Forwarder Invoice from your Local Freight Forwarder (FF). FF paid GST on importation on behalf of your company.

*Please note Import GST amount of 600 is in USD. Therefore based on exchange rate of 1 USD=3 MYR, the amount is RM1,800.

3. Make sure you have a copy of K1 form for your record keeping.

How to record the documents?

1. Key in Supplier Invoice and posted it.

2. Go to Purchase > Import Declaration Form. Key in the details based on your K1 form.

Make sure you post the transactions.

3. Record the FF Invoice

- Itemize the Freight Charge and map to Carriage Inward/suitable account in Purchase box.

- Itemize GST on Importation and map to GST Suspense account in Purchase box.

4. Open Payment to pay to the FreightForwarder.

Did you find it helpful? Yes No

How can we help you today?