There have been several questions coming up about this area and as this is not WET, it can be confusing on how to this should be treated and even entered correctly.
This is compounded by the type of software being used as there are several variables to consider in covering the stages of recording the litres of duty. Most boutique distillers in this situation keep a relevant spreadsheet, and then transfer that information to the Excise return.
The Journal Entry is as follows:
- After the amount payable has been calculated for the period:
- DR C.O.S. ACCOUNT (N-T or BAS excluded)
- CR Liability A/c – Excise Duty Payable. (N-T or BAS Excluded)
- Then allocate the payment to the “Excise Duty” payable account.
For more information, the following links will provide additional support:
- Excise Manufacturers Licence required.
- Reporting excise and paying duty.
- The Excise return form is NAT4285; check out QC21424 for the instructions.
Edited at 15 Dec 2017 04:45 AM GMT