Modifying calculated VAT

This page allows you to modify the VAT calculated by the system when the debit / credit note is created. 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:

Note No.	The number identifying the item based debit / credit note.
Transaction Date	The date on which the transaction was done.
Currency	The currency in which the item based debit / credit note has been created.

Modify the following field if required:

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.

The system displays the following fields:

Finance Book	The code identifying the finance book in which the item based debit / credit note details are to be posted.
Vatable Charge	The total debit / credit amount on which VAT must be charged.
Non Vatable Charge	The debit / credit amount on which VAT is not charged.
Doc Level Discount	The total discount amount for the debit / credit note.

Modify the following fields if required:

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.
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.
VAT Inclusive	Check this box if the item amount is inclusive of the VAT charged.
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.

Capitalize non-deductible charges	Check this box if you want to capitalize the non-deductible charges.
VAT Code	Use the drop-down list box to select the code identifying the VAT, which has been calculated.

The system displays the following:

VAT Amount per VAT Code	The VAT amount that has been calculated for the individual VAT.
Total VAT Exclusive Amount	The total amount that does not include the VAT charges.
Total VAT Amount	The total amount that has been calculated as VAT.
Total VAT Inclusive Amount	The total amount that has VAT included in it.

The system displays the following in the “VAT Calculation” multiline:

VAT Line No	The number of the row that contains the VAT charge.
Corrected VAT Amount	The VAT amount after modifications.
Item / T / C	Indicates whether item, tax or charge is available in the row.
Item / T / C / D Code	The code identifying the item, tax or charge that is vatable.
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:

VAT Category	Use the drop-down list box to select the category to which the VAT belongs.
VAT Class	Use the drop-down list box to select the class to which the VAT belongs.
Input VAT Deductible (%)	The VAT deductible percentage charged on the item.
VAT Code	Use the drop-down list box to select the code identifying the VAT, which has been calculated.

The system displays the following in the “VAT Calculation” multiline:

VAT Rate (%)	The unit rate of the VAT that has been charged.
Item Amount	The amount of individual item for which a debit / credit note.
Vatable Item Charge	The individual item amount for which the VAT can be charged.
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:

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:

Item Level Discount

The discount applicable for the individual item.

Modify the following fields if required in the “VAT Calculation” multiline:

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:

VAT Amount (Tran Currency)	The VAT amount in the currency in which the debit / credit note has been created.
VAT Amount (Base Currency)	The VAT amount in the base currency of the company.
Ref Doc Line No	The number of the row in the invoice that contains the Vatable item, tax or charge.
Description	The description of the VAT code.

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”.

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 modify the default payment schedule.

If Swiss pay modes are not applicable for the company, select the “Payment Information” link at the bottom of the page to 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 calculated VAT – An overview

You can modify the VAT charges if the debit / credit note is in the “Drat” or “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.