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Receivables - EBS (MOSC)

VAT On Customer Advance.

Feb 24, 2013 6:33PM edited May 1, 2018 7:19AM in Receivables - EBS (MOSC) 8 commentsAnswered

How we can record VAT on customer advance; using E-business tax.

Example : Customer made the payment of GBP 1000 towards advance. Now, as per law we have to charge the VAT @20% on this advance.i.e 20%on GBP 1000.

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