Income

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Income

Tax Invoice

Tax Invoice is raised by a buyer to a seller in the normal course of business quantifying the terms of the purchase.

There Are Three Types Of Taxable Supplies:

Standard Rated Supply
Customer Accounting made by Supplier exceeding $10000
Customer Accounting made by Customer
Let me now briefly explain the above types.
- A Standard rated supply is any supply of goods or service by a registered dealer in Singapore which is neither zero rated or exempt its reported under the tax code SR
- Customer Accounting made by Supplier refers to Sale of mobile phones, memory cards or off the shelf software exceeding $10000, it is reported as Taxable Supply under the code SRCA-S. No taxes are charged.
- Customer Accounting made by the Customer refers to the customer side of the above transaction. When the retailer who purchases such goods, sells such specified goods to the customer, it needs to be reported as taxable supply under the code SRCA – C. Taxes are charged at applicable rates and reported appropriately

Let Us Now See How To Raise A Tax Invoice Using Reach Accounting Software

1.Click on Income in the top tab menu and choose Invoice

2.Click on Add Invoice

3.The first tab will prompt you to choose the type of Invoice you choose to raise; Choose Tax Invoice. Choose the appropriate tax Invoice template
4.The Invoice voucher entry is divided into three sections:

The first section allows you to fill the basic Invoice details like date, terms, currency and due date
The second section allows you to choose the products, description, quantity and value
The final section allows you to enter dispatch details and set reminders for payment followup

5.Fill the details appropriately
6.Once done, you have to option to save the Invoice