How to calculate Salex tax when tax basis is "Cash" (Not Accrual) and Credit Note is applied on Invoice?
Hi Support,
I have created one invoice, Invoice has three item, each item price is $ 100 and tax is $ 10 %.
Tax basis is "Cash" not accrual.
Credit Note is created on Item 1 with tax (10%) : $100 (Item Price) + $ 10 (Tax) = $ 110.
So invoice is as below
Name Qty Price Tax Amount
Item 1 1 100 10% 100
Item 2 1 100 10% 100
Item 3 1 100 10% 100
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Sub Total 300
Tax 30
Total 330
Payment Made 220
Credit Applied 110
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Balance Due 0
Now When I looking the tax for this invoice in Tax Report page then it show me $20.01? I am not able to understood , how this is calculate , what is the formula and is it right or wrong?