What to look out when issuing self-billed tax invoice?
When issuing self-billed tax invoice, one will need to be careful as there is high risk of errors, audit trail weaknesses and significant confusion. Errors like the wrong GST rate may be applied mistakenly. The self-billing condition may be breached easily as well (e.g. Supplier deregistered from GST) and communication between both parties may be overlooked.
To avoid these errors, you will have ensure that the GST rate is correct, any corrections made on the self-billed tax invoices are correct and the supplier is informed about these corrections and keep constant communication with your supplier to get updated information between both parties.
In short, self-billing procedures is a high risk procedure and should be strictly controlled and regulated.
Self-billing in TreezSoft
Self-billing feature is one of the feature that TreezSoft cloud accounting provide our client to ensure smooth daily business operations. To use this feature, you will need to first activate self-billing feature for the supplier. after this process, self-billing will be automatically selected whenever you issue a supplier tax invoice for that particular supplier.
After activation, you can easily issue Self-billed Tax Invoice by navigating through: Supplier > Supplier Invoice and click on 'New Supplier Invoice'.
Then follow the steps below:
1. Select Supplier.
2. Select Invoice Date.
3. Observe whether it is in GST Mode.
4. Observer whether Self-billed Invoice is auto ticked. (if not, please activate self-billed invoice using guidance on our blog post 'how to activate self-billed tax invoice?')
5. Select desired items.
6. Save.
7. Print your self-billed invoice.
Note: If you try to issue self-billed tax invoice with invoice date that is not within the of supplier' GST commence and cease date, the GST Mode indicator would disappear and you are not allowed to charge GST.
You can read more on billing in TreezSoft by visiting these links:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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