Modifying calculated VAT

This page allows you to modify the VAT calculated by the system when the invoice is created. Tell me more.

Select the “VAT Calculation” link at the bottom of the “Create Invoice” page.

The “VAT Calculation” page appears.

The system displays the following:

Invoice #	The number identifying the invoice.
Transaction Date	The date on which the invoice was raised.
Currency	The code identifying the currency in which the invoice has been raised.

Modify the following field:

Exchange Rate

The exchange rate of the base currency with respect to the transaction currency if they are different (Decimal). Mandatory. The exchange rate must have been defined in the “Exchange Rate” business component. The exchange rate must be greater than zero. The system displays the exchange rate used in the invoice by default.

Note: The modified exchange rate must fall within the tolerance limit set in the “Exchange Rate” business component.

The system displays the following:

Finance Book	The code identifying the finance book in which the invoice details are to be posted.
Vatable Charge	The vatable portion of the document level charges in the invoice.
Non Vatable Charge	The non-vatable portion of the document level charges in the invoice.
Doc Level Discount	The document level discounts for the invoice.

Modify the following fields:

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 “Purchase” in 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 “Purchase” 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 initial distribution of document level TCDs for VAT computation.

Note: If you want to retain the initial distribution of document TCDs, check this box and click 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 portion of the computed VAT.
VAT #	Use the drop-down list box to select the code identifying the VAT code. All the VAT codes that are available for the various VAT line numbers will be available for selection.

The system displays the following:

VAT Amount per VAT #	The VAT amount that has been calculated for the individual VAT code within the whole invoice.
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 #	The line number identifying the VAT charge.
Ref Doc Line #	The number of the row in the invoice that contains the vatable part, tax or charge.
Part / T/C	Indicates whether “Part”, “Tax” or “Charge” is available in the row.
Part/T/C #	The code identifying the part, tax or charge that is vatable.
Variant #	The code identifying the variant of the part, 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. All the VAT Categories that have been defined for “Purchase” in the “VAT Setup” business component will be available for selection.
VAT Class	Use the drop-down list box to select the class to which the VAT belongs. . All the VAT classes that have been mapped to the VAT categories that have been defined for “Purchase” will be available for selection.
Input VAT Deductible (%)	The percentage of input VAT that is deductible (Integer).
VAT #	Use the drop-down list box to select the code identifying the VAT. All the TCD variants that have been defined for “Swiss VAT” in the “Taxes / Charges / Discounts” business component will be available for selection.

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

VAT Rate (%)	The percentage unit rate of the VAT that has been charged.
Part Amount	The amount of individual part for which an invoice has been created.
Vatable Part Charge	The invoice charges applicable on the individual part for which the VAT can be charged.
Non Vatable Part Charge	The invoice charges applicable on the individual part for which the VAT is not charged.

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

Vatable Distributed Charge

The vatable document level taxes and charges apportioned for the individual line item (Decimal).

Note: The document level charges are apportioned for the individual lines by the system for VAT computation.

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

Part Level Discount

The discount applicable for the individual part.

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

Distributed Discount

The document level discount apportioned to the individual line item (Decimal).

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

VAT Amount (Tran Currency)	The VAT amount in the currency in which the part invoice has been created.
VAT Amount (Base Currency)	The VAT amount in the base currency of the company.
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 saves the VAT charges based on the modifications made.

Click the “Save and Authorize” pushbutton to save the modifications made and authorize the item invoice.

The system calculates and saves the VAT charges based on the modifications made. The system also updates the status of the item invoice as “Authorized”.

To proceed, carry out the following

Select the “VAT Postings” link at the bottom of the page to modify the VAT posting details.

Select the “Adjustment” link at the bottom of the page to select documents against which the item invoice must be adjusted.

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 invoice.

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 invoice.

Modifying calculated VAT – An overview

Note: The system calculates Value Added Taxes (VAT) for companies for which VAT is applicable.

You can modify the VAT charges if the item invoice is in the “Draft” or “Fresh” status. You cannot modify the VAT charges if the item invoice 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 document level TCDs for the item invoice 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 invoice currency and also in the base currency of the company.

This page also allows you to authorize the item invoice while saving the modifications made to the VAT. The system updates the status of the item invoice as “Authorized” after the authorization is made. The system also stores the login ID of the user and the system date along with the invoice details.