Financial - JDE1 (MOSC)

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RITC - Recaptured Input Tax Credit

edited Aug 15, 2012 5:50PM in Financial - JDE1 (MOSC) 5 commentsAnswered

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

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