Hi,
The company has two types of Taxes and both are VAT for both Suppliers and Customers.
VAT1-1.5%
VAT2-1.5%
<b>1. Payables</b>
The client wants to know the VAT details at the time of Purchase order, that?s the reason we Receive the Items (1000) with VAT (30). The accounting entries are,
Material Received A/C Dr 1030
AP Accrual A/C Cr 1030
When the Invoice matching With the Receipt, the Accounting Entries are,
AP Accrual A/C Dr 1030
Liability A/c Cr 1030
Here the Tax type is VAT so we must know the <b>Input Tax</b> amount separately as,
AP Accrual A/C Dr 1000
VAT1-1.5% Dr 15
VAT2-1.5% Dr 15
Liability A/c Cr 1030
<b>2. Receivables:</b>
In Receivables, we can give default Tax account for only one Tax, but here we have two VAT?s.
Can we create Auto accounting for two VAT accounts for Auto invoice import?
Please share your Valuable Suggestions.
Thanks & Regards,
Anjireddy.
EB-Tax.. VAT ?
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