The following are the accounting steps for products that have been shipped out of the warehouse and have not yet been invoiced:
1.According to the Accounting Standard for Business Enterprises No. 14 - Revenue (Revised in 2017), an enterprise should recognize revenue after fulfilling the performance obligations in the contract. The company has shipped the goods according to the contract, but has not yet invoiced and collected the money.
2.First of all, according to the contract and relevant evidence, confirm and confirm the sales revenue. In this case, you can use the following accounting entries:
Borrow: accounts receivable - Ruyi company 1.13 million yuan.
Credit: main business income of 1 million yuan.
Credit: tax payable - tax to be transferred to 130,000 yuan.
The above entries recognize 1 million yuan as the main business income, and temporarily include the output tax of 130,000 yuan into the output tax account to be transferred.
3.In April 2020, when the company received the payment and issued a special VAT invoice in accordance with the regulations, it was required to carry out the corresponding accounting treatment. You can follow the following entries to process:
Borrow: Bank deposit of 1.13 million yuan.
Credit: accounts receivable - Ruyi Company 1.13 million yuan.
At the same time, it is also necessary to transfer the output tax to be transferred to the tax payable - VAT payable (output tax) account
Borrow: tax payable - tax to be resold 130,000 yuan.
Credit: tax payable - VAT payable (output tax) 130,000 yuan.
In this way, the company's financial accounting accurately reflects the recognition of sales revenue, as well as the collection of payment for goods and the tax liability of VAT.
It should be noted that, according to the provisions of the VAT provisions, the Provisional Regulations of the People's Republic of China on Value-Added Tax and the Detailed Rules for the Implementation of the Provisional Regulations of the People's Republic of China on Value-Added Tax, the time of occurrence of VAT liability is the day when the taxable sales act occurs and the sales payment is received or the sales payment voucher is obtained. In your case, there is no need to recognise output tax and pay VAT because the VAT liability has not yet been incurred.
In addition, according to the Enterprise Income Tax Law and relevant regulations, the company shall declare and pay the corresponding enterprise income tax according to the recognized accounting income.
Please note that the above are general accounting procedures based on the circumstances you provide and the relevant regulations. In practice, the company should follow the specific provisions of the State Administration of Taxation and accounting standards, and carry out accurate accounting treatment according to the actual situation. If you have specific tax advisory needs, it is advisable to consult a professional tax institution or accounting firm for specific advice. Invoicing