{"id":6044,"date":"2021-07-12T06:07:31","date_gmt":"2021-07-12T06:07:31","guid":{"rendered":"https:\/\/moiboo.com\/supportdocs\/sample-user-guide\/getting-started\/deemed-invoice\/"},"modified":"2021-07-12T06:26:41","modified_gmt":"2021-07-12T06:26:41","slug":"deemed-invoice","status":"publish","type":"docs","link":"https:\/\/moiboo.com\/support\/docs\/sample-user-guide\/getting-started\/deemed-invoice\/","title":{"rendered":"Deemed Invoice"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Deemed Invoice<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Deemed Invoice\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/KKMmU8VGKgY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Deemed Invoice<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There are situations where the GST Act provides that a supply has taken place even though no goods or services have been supplied and \/ or no consideration has been paid<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For GST purposes, these supplies are known as deemed supplies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Common examples include gifting of goods purchased from GST-registered suppliers which cost over $200 per gift and disposal of business assets for no consideration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The value of the deemed supply and the corresponding output tax must be reported in the GST return<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Let Us Now See How To Raise A Deemed Supply Invoice Using Reach Accounting Software<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"847\" height=\"391\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-118.png\" alt=\"\" class=\"wp-image-6046\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-118.png 847w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-118-300x138.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-118-768x355.png 768w\" sizes=\"(max-width: 847px) 100vw, 847px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">1.Click on Income in the top tab menu and choose Invoice<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"867\" height=\"448\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-119.png\" alt=\"\" class=\"wp-image-6047\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-119.png 867w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-119-300x155.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-119-768x397.png 768w\" sizes=\"(max-width: 867px) 100vw, 867px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2.Click on Add Invoice<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"858\" height=\"656\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-120.png\" alt=\"\" class=\"wp-image-6048\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-120.png 858w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-120-300x229.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-120-768x587.png 768w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"781\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-121.png\" alt=\"\" class=\"wp-image-6049\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121.png 798w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-300x294.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-768x752.png 768w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-70x70.png 70w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-16x16.png 16w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-18x18.png 18w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-121-20x20.png 20w\" sizes=\"(max-width: 798px) 100vw, 798px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">3.The first tab will prompt you to choose the type of Invoice you choose to raise; Choose Deemed supply Invoice. Choose the appropriate tax Invoice template<br>4.The Invoice voucher entry is divided into three sections:<br><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The first section allows you to fill the basic Invoice details like date, terms, currency and due date<\/li><li>The second section allows you to choose the products, description, quantity and value<\/li><li>The final section allows you to enter dispatch details and set reminders for payment followup<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">5.Fill the details appropriately<br>6.Once done, you have to option to save the Invoice<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"860\" height=\"399\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-122.png\" alt=\"\" class=\"wp-image-6050\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-122.png 860w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-122-300x139.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-122-768x356.png 768w\" sizes=\"(max-width: 860px) 100vw, 860px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"858\" height=\"692\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-127.png\" alt=\"\" class=\"wp-image-6057\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-127.png 858w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-127-300x242.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-127-768x619.png 768w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">7.On saving the Invoice Reach Software will automatically prepare the Deemed supply Invoice<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"857\" height=\"300\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-128.png\" alt=\"\" class=\"wp-image-6058\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-128.png 857w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-128-300x105.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-128-768x269.png 768w\" sizes=\"(max-width: 857px) 100vw, 857px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">8.The daybook, ledgers, trial balances and financial statements are automatically posted and prepared<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"857\" height=\"683\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-125.png\" alt=\"\" class=\"wp-image-6053\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-125.png 857w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-125-300x239.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-125-768x612.png 768w\" sizes=\"(max-width: 857px) 100vw, 857px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"761\" height=\"221\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-126.png\" alt=\"\" class=\"wp-image-6054\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-126.png 761w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-126-300x87.png 300w\" sizes=\"(max-width: 761px) 100vw, 761px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">9.It will also auto-populate the relevant tax codes in the GST forms so you will not have to prepare them manually later.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deemed Invoice Deemed Invoice There are situations where the GST Act provides that a supply has taken place even though no goods or services have been supplied and \/ or no consideration has been paid For GST purposes, these supplies are known as deemed supplies. Common examples include gifting of goods purchased from GST-registered suppliers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2485,"menu_order":26,"comment_status":"open","ping_status":"closed","template":"","doc_tag":[],"class_list":["post-6044","docs","type-docs","status-publish","hentry","no-post-thumbnail"],"acf":[],"_links":{"self":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/comments?post=6044"}],"version-history":[{"count":2,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6044\/revisions"}],"predecessor-version":[{"id":6059,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6044\/revisions\/6059"}],"up":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/2485"}],"wp:attachment":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/media?parent=6044"}],"wp:term":[{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/doc_tag?post=6044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}