Manual settlement of an advance payment and invoice that include tax
Tax is posted on both the advance payment and the sales invoice. When these transactions are settled on the Open transaction editing page, the double tax entry is reversed.
The following table shows the tax entries that are generated in various scenarios when an invoice and a payment that have tax are settled.
Transaction details | Example | Tax entries that are generated during settlement | |
---|---|---|---|
Invoice = Payment |
Invoice amount: 12,000.00 Payment amount: 12,000.00 |
| |
Invoice < Payment |
Invoice amount: 6,000.00 Payment amount: 12,000.00 |
|
|
Invoice > Payment |
Invoice amount: 24,000.00 Payment amount: 12,000.00 |
|
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