VAT

[sks123sks2004]

Hi,

Any idea on how to implement VAT rates when there are different VAT rates for different items??

Also it would be helpful if anyone explains what is Recoverable and Non Recoverable VAT

[amjibart]

If u have Oracle payables/GL/Purchasing, u can define the tax codes under Tax. i.e
1.(N)Setup>Tax>Tax Codes
if u don't have the Tax type, u have to set it up from Payables.

2.(N)setup>LookUps>Payables: query for "TAX TYPE", and add ur tax type, then back to step 1. u can also define the tax code from payables, so navigate to tax>tax codes under setup, then after u give the tax code, type give it the rate, e.g 17, enable it. Add the GL account and recovery rate. Save.

U can define as many as u want, but to choose for different items, u can either do it on the Purchase order, or in inventory as follows:

Query for the Item in master Org, find it, then go to purchasing TAB, Taxable = Yes
attach the tax code.

Let me know if ure stuck

[sks123sks2004]

Hi,

Can any one also tell me the process of how to claim VAT in R12