Security Deposit in A/R Deposit
When using the GST Processor, the system will detect any unapplied A/R Payment and generate a journal entry to account for output tax of the payment in advance. However, deposit transaction taken as security is not consideration for a supply (taken from Royal Malaysian Customs Goods and Services Tax Guide on Supply document). As such, to take into account of this definition, AutoCount Accounting introduces the ‘Is Security Deposit?’ option in its A/R Deposit entry window. With this, users may enable this option to mark the transaction as a Security Deposit transaction and exclude it from the GST Processor GST on Payment function.
