Gift Rule exceeding RM500 (GST)
According to the Customs GST compliance, gift exceeding RM500 shall be treated as company expenses.
Documents to create and Journal Entries:
When purchase the Items:
SINV
Dr Inventory (Item GL Code)
Dr Input Tax (TX)
Cr Supplier
PV
Dr Supplier
Cr Cash/Bank
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When giving out the gifts:
INV
Dr AccReceivable (Staff Code/ Customer Code)
Cr generalSales or Other Income (Item Code GL Code)
Cr Output Tax (DS)
CM
Dr Gift Expenses
Dr GST Expenses
Cr AccReceivable (Staff code/ Customer Code)
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