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Former Member
Jan 07, 2011 at 08:24 PM

Posting Sales Tax rebates when buying assets

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Hi experts,

We get tax rebates on our asset purchases. How should I post these sales tax rebates vendors giving us? Please let me know the standard way to do this .

(the posting keys , transaction type, the document type we have to use)

The Procedure now is:-

PKey 40- SalesTaxRefundExpense account (debit)

PKey 75 u2013 asset account (credit)

But we faced with a issue that it posts a qty and decrease value of asset by 1. Since we used the asset class low value collectives , so when it try to post that, it throws an error saying it has a value exceeding the value allowable for low value collectives.

Your comments and help is greatly appreciated.

Thank you,

Raneetha