Modifying VAT during modification
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This page allows you to modify the VAT calculated by the system when the debit / credit note is modified. Tell me more.
Select the “VAT Calculation” link at the bottom of the “Edit Item Based Note” page.
The “VAT Calculation” page appears.
The system displays the following:
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Note No. |
The number identifying the item based debit / credit note. |
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Note Date |
The date on which the item based debit / credit note was created. |
The system displays the following:
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Currency |
The currency in which the item based debit / credit note has been created. |
Modify the following field if required:
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Exchange Rate |
The exchange rate of the base currency with respect to the transaction currency in case they are different (Decimal). Mandatory. The exchange rate must have been defined in the “Create Exchange Rate” activity of the “Exchange Rate” business component. The exchange rate must be greater than zero. |
Note: The modified exchange rate must fall within the tolerance limit set in the “Exchange Rate” business component.
The system displays the following fields:
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Finance Book |
The code identifying the finance book in which the item based debit / credit note details are to be posted. |
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Vatable Charge |
The total debit / credit amount on which VAT must be charged. |
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Non Vatable Charge |
The debit / credit amount on which VAT is not charged. |
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Doc Level Discount |
The total discount amount for the debit / credit note. |
Modify the following fields if required:
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Default VAT Category |
Use the drop-down list box to select the code identifying the VAT category. All the VAT Categories that have been defined for “Sales” in the “Create VAT Core Category” activity of the “VAT Setup” business component will be available for selection. The system displays the default VAT category that has been defined. |
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Default VAT Class |
Use the drop-down list box to select code identifying the VAT class. All the VAT classes that have been mapped to the VAT categories that have been defined for “Sales” will be available for selection. |
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VAT Inclusive |
Check this box if the item amount is inclusive of the VAT charged. |
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Retain Initial Distribution of Doc Charges / Disc |
Check this box if you want to retain the VAT amount that has been apportioned by the system before the modifications have been made. |
Note: If you check this box after making changes in the “Vatable Distributed Charge” or the “Distributed Discount” fields you would have to re-calculate the VAT by clicking the “Recompute VAT” pushbutton available at the bottom of this page.
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TCD Variant |
Use the drop-down list box to select the code identifying the TCD variant for which the VAT has been calculated. All the TCD variants that are available for the various VAT line numbers will be available for selection. |
The system displays the following:
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VAT Amount per VAT Code |
The VAT amount that has been calculated for the individual VAT. |
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Corrected VAT Amount per VAT Code |
The VAT amount after modifications have been made manually. |
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Total VAT Exclusive Amount |
The total amount that does not include the VAT charges. |
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Total VAT Amount |
The total amount that has been calculated as VAT. |
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Total VAT Inclusive Amount |
The total amount that has VAT included in it. |
The system displays the following in the “VAT Calculation” multiline:
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VAT Line No |
The number of the row that contains the VAT charge. |
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Ref Doc Line No |
The number of the row in the invoice that contains the Vatable item, tax or charge. |
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Item / T / C |
Indicates whether item, tax or charge is available in the row. |
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Item / T / C / D Code |
The code identifying the item, tax or charge that is vatable. |
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Variant |
The code identifying the variant of the item, tax or charge that is vatable. |
Modify the following fields if required in the “VAT Calculation” multiline:
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VAT Category |
Use the drop-down list box to select the category to which the VAT belongs. All the VAT categories defined for the Sales cycle will be available for selection. |
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VAT Class |
Use the drop-down list box to select the class to which the VAT belongs. All the VAT classes that have been defined for the Sales cycle will be available for selection. |
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TCD Variant |
Use the drop-down list box to select the code identifying the TCD variant. All the TCD variants that have been defined for “Swiss VAT” in the “Create Tax / Charge / Discount Code” activity of the “Taxes / Charges / Discounts” business component will be available for selection. |
The system displays the following in the “VAT Calculation” multiline:
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VAT Rate (%) |
The unit rate of the VAT that has been charged. |
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Item Amount |
The amount of individual item for which a debit / credit note. |
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Vatable Item Charge |
The individual item amount for which the VAT can be charged. |
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Non Vatable Item Charge |
The individual item amount for which the VAT is not charged. |
Modify the following fields if required in the “VAT Calculation” multiline:
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Vatable Distributed Charge |
The VAT charged on the item (Decimal). |
Note: This amount is apportioned for the individual lines by the system when the VAT is charged at the document level.
The system displays the following in the “VAT Calculation” multiline:
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Item Level Discount |
The discount applicable for the individual item. |
Modify the following fields if required in the “VAT Calculation” multiline:
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Distributed Discount |
The discount deducted for the debit / credit note (Decimal). |
Note: This amount is apportioned for the individual lines by the system when it has been charged at the document level.
The system displays the following in the “VAT Calculation” multiline:
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VAT Amount (Tran Currency) |
The VAT amount in the currency in which the debit / credit note has been created. |
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Corrected VAT Amount (Tran Currency) |
The VAT amount after the modifications have made manually. This amount is in the currency in which the debit / credit note has been created. |
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VAT Amount (Base Currency) |
The VAT amount in the base currency of the company. |
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Corrected VAT Amount (Base Currency) |
The VAT amount after the modifications have been made manually. This amount is in the base currency of the company. |
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Description |
The description of the VAT code. |
Note: If you have checked the box beside the “Retain Initial Distribution of Doc Charges / Disc” field you will have to click the “Recompute VAT” pushbutton to calculate VAT again.
Click the “Recompute VAT” pushbutton to calculate the VAT after modifications have been made.
The system calculates the VAT charges.
Click the “Save” pushbutton to save the modifications made.
The system calculates and saves the VAT charges based on the modifications made.
Click the “Save and Authorize” pushbutton to save the modifications made and authorize the debit / credit note.
The system calculates and saves the VAT charges based on the modifications made. The system also updates the status of the debit / credit note as “Authorized”.
Click the “Return Note” pushbutton to return the note.
The system returns the debit note to the user who has created it. The system also updates the status of the debit note as “Returned”.
To proceed, carry out the following
Select the “Adjustment” link at the bottom of the page to select documents against which the debit / credit note must be adjusted.
Select the “VAT Postings” link at the bottom of the page to modify the VAT posting details.
If Swiss pay modes are not applicable for the company, select the “Payment Schedule” link at the bottom of the page to view or modify the payment schedule.
If Swiss pay modes are applicable for the company, select the “Payment Information” link at the bottom of the page to view or modify the electronic payment details.
Select the “Note Summary” link at the bottom of the page to view the summary of a debit / credit note.
Select the “Accounting Information” link at the bottom of the page to view the account posting information.
Select the “Attach Notes” link at the bottom of the page to add observations or comments regarding the debit / credit note.
Modifying VAT during modification – An overview
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You can modify the VAT charges if the debit / credit note is in the “Fresh” status. You cannot modify the VAT charges if the debit / credit note is in the “Authorized” status.
You can modify the exchange rate and calculate VAT charges after modifying the VAT Category and the VAT Class. The system apportions the VAT charges calculated for the debit / credit note for the individual items for which VAT is applicable. You can modify the apportioned amount or retain the original apportioned amount. The system also calculates and displays the VAT amount and the corrected amount in the currency in which the debit / credit note was created and also in the base currency of the company.
This page also allows you to authorize the debit / credit note while saving the modifications made to the VAT. The system updates the status of the debit / credit note as “Authorized” after the authorization is made. This page also allows you to return the debit / credit note to the user who created it for modifications. The system updates the status of the debit / credit note as “Returned”.
Set whether the item amount is inclusive of VAT
Retain system distributed VAT charges and Discount
You can modify the exchange rate of the transaction currency with respect to the base currency of the company if they are different. The modified exchange rate must fall within the tolerance set for the exchange rate in the “Exchange Rate” business component.
Enter the modified exchange rate in the “Exchange Rate” field.
Set whether the item amount is inclusive of VAT
The unit rate of the item would include the VAT applicable for the item. There could also be some cases when the item rate does not include the applicable VAT.
Check the box available beside the “VAT Inclusive” field if the item amount is inclusive of VAT.
Retain system distributed VAT charges and Discount
The system apportions the VAT calculated during the creation of the debit / credit note to the various items available. You can modify this VAT amount and also the discount that has been apportioned. After modification if you still want to retain the system apportioned VAT amount and discount the system offers you the facility to do so.
Check the box available beside the “Retain Initial Distribution of Doc Charges / Disc” field if you want to retain the system distributed VAT charges and discount.
The modified charges and discounts must be calculated to get the final VAT amount for the debit / credit note.
Click the “Recompute VAT” pushbutton to recalculate the VAT amount and discount.
You can authorize the debit / credit note while saving the modified VAT details.
Click the “Save and Authorize” pushbutton to save the VAT details and authorize the debit / credit note.
The system saves the VAT details and updates the status of the debit / credit note as “Authorized”.
You can return the debit / credit note to the user who has created it for modifications.
Click the “Return Note” pushbutton to return the debit / credit note.
The system returns the debit / credit note and updates the status of the debit / credit note as “Returned”.
