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