Calculating VAT during authorization
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This page allows you to modify the VAT calculated by the system when the sundry receipt is authorized. Tell me more.
Select the “VAT Calculation” link at the bottom of the “Authorize Receipt” page.
The “VAT Calculation” page appears.
The system displays the following:
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Receipt No |
The number identifying the sundry receipt. |
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Transaction Date |
The date on which the receipt is generated. |
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Status |
The status of the receipt. |
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Currency |
The code identifying the currency in which the receipt 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 “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:
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Finance Book |
The finance book to which the transaction has been posted. |
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 “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 |
Use the drop-down list box to specify if the item amount is inclusive of the VAT charged. You can select from “Yes” or “No”. |
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 “Compute 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 variant of the tax/charge/discount that is vatable. |
The system displays the following:
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VAT Amount per VAT Code |
The vatable amount per VAT code. |
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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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Account Code |
The code identifying the account based in which the amount is posted |
Modify the following fields if required:
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Item / T / C / D Code |
The code identifying the item, tax or charge that is vatable (Alphanumeric, 32). Mandatory. |
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Variant |
The code identifying the variant of the item, tax or charge that is vatable (Alphanumeric, 8). |
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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 that have been defined for “Purchase” in the “VAT Setup” business component 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 mapped to the VAT categories that have been defined for “Purchase” will be available for selection. |
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TCD Variant |
Use the drop-down list box to select the code identifying the variant of the tax/charge/discount that is vatable. |
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. |
Modify the following fields if required:
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VAT Inclusive |
Use the drop-down list box to specify if the item, tax, charge or the discount amount is inclusive of the VAT charged. You can select from “Yes” or “No”. |
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 receipt 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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Description |
The description of the VAT code. |
Click the “Compute 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 receipt.
The system calculates and saves the VAT charges based on the modifications made. The system also authorizes the receipt and also updates the status of the receipt as “Requested”.
Click the “Return” pushbutton to return the sundry receipt.
The system returns the sundry receipt and updates the status of the receipt to “Returned”.
To proceed carry out the following
Select the “VAT Postings” link at the bottom of the page to post the VAT details.
Select the “Attach Notes” link at the bottom of the page to add notes.
Calculating VAT during authorization – An overview
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VAT is applicable only if the “VAT Applicable” parameter has been set to “Yes” at the company level. You can modify the VAT charges if the receipt is in the “Drat” or “Fresh” status. You cannot modify the VAT charges if the receipt is in the “Requested” 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 receipt 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 receipt was created and also in the base currency of the company.
This page also allows you to authorize the receipt while saving the modifications made to the VAT. The system updates the status of the receipt as “Requested” after the authorization is made. This page also allows you to return the receipt for modification. The system updates the status of the receipt “Returned”.
Set whether the item amount is inclusive of VAT
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.
Select “Yes” in the “VAT Inclusive” field if the item amount is inclusive of VAT.
Select “No” in the “VAT Inclusive” field if the item amount is not inclusive of VAT.
The modified charges and discounts must be calculated to get the final VAT amount for the receipt.
Click the “Compute VAT” pushbutton to recalculate the VAT amount and discount.
You can authorize the sundry receipt while saving the modified VAT details.
Click the “Save and Authorize” pushbutton to save the VAT details and authorize the sundry receipt.
The system saves the VAT details and updates the status of the receipt as “Requested”.
You can also return the sundry receipt before authorization.
Click the “Return” pushbutton to return the sundry receipt.
The system returns the receipt for modification and also updates the status of the receipt to “Returned”.
