RITC - Recaptured Input Tax Credit
Dear Community folks
As everyone knows, there is a new regulation for Input Tax Credit applied in some provinces in Canada for some companies (large and financial) regarding none-recoverable taxes
So let's make the scenario as simple as this:
Expense: 100
HST Tax %: 13% (5% GST and 8% PST)
User: should enter the Gross amount of 113
Desired JE:
108 DR. Expense
13 Dr. HST Account
113 Cr.
Accounts payable Trade
8 Cr. None-Recoverable PST
Have anyone gone through this in
any previous implementations ever?
Did Oracle provide any suggested solution for that process??
Thanks for helping everyone