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How to: Record VAT

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In EU countries/regions, every sales and purchase transaction is subject to VAT calculations. For more information about recording VAT, see Recording VAT.

Manually Adjusting VAT Amounts in Sales and Purchase Documents

The program automatically calculates the VAT using the customer's VAT Bus. Posting Group and the item's VAT Prod. Posting Group. However, you can also manually enter the VAT amounts, if the amount calculated by the program is slightly different to that calculated by your customer or vendor, for example, due to rounding.

To manually enter VAT in sales documents

  1. In the General Ledger Setup window, specify a Max. VAT Difference Allowed between the amount calculated by the program and the manual amount.

  2. In the Sales & Receivables Setup window, place a check mark in the Allow Vat Difference field.

To adjust VAT for a sales document

  1. Open the relevant sales order.

  2. Open the Sales Order Statistics window.

  3. Click the Invoicing FastTab.

    Note

    The total VAT amount for the invoice, grouped by VAT identifier, is displayed in the lines. You can manually adjust the amount in the VAT Amount field on the lines for each VAT identifier. When you modify the VAT Amount field, the program checks to ensure that you have not changed the VAT by more than the amount you have specified as the maximum difference allowed. If the amount is outside the range of the Max. VAT Difference Allowed, a warning will be displayed stating the maximum allowed difference. You will be unable to proceed until the amount is adjusted to within the acceptable parameters. Click OK and enter another VAT Amount that is within the allowed range. If the VAT difference is equal to or lower than the maximum allowed, the VAT will be divided proportionally among the document lines that have the same VAT identifier.

Manual VAT Calculation Using Journals

You can also adjust the VAT amounts calculated by the program in general, sales, and purchase journals. It may be necessary to do this when you enter a vendor invoice in your journal and there is a difference between the program's calculated VAT amount and the VAT amount on the vendor's invoice you have received.

Before you manually enter VAT on a general journal

  1. In the General Ledger Setup window, specify a Max. VAT Difference Allowed between the amount calculated by the program and the manual amount.

  2. Place a check mark in the Allow VAT Difference field for the relevant journal in the General Journal Templates window.

Before you manually enter VAT on sales and purchase journals

  1. Check the Allow VAT Difference field in the Sales & Receivables Setup and Purchases & Payables Setup windows, respectively.

  2. Once you have completed the setup described above, you can adjust the VAT Amount field on the general journal line, or the Bal. VAT Amount field on the sales or purchase journal line, to equal the invoice VAT amount. The program will check that the difference is not greater than the specified maximum.

    Note

    If the difference is greater, a warning will be displayed stating the maximum allowed difference and you will be unable to proceed until the amount is adjusted accordingly. Click OK and enter another amount that is within the allowed range. If the VAT difference is equal to or lower than the maximum allowed, the program will show the difference in the VAT Difference field.

See Also

Tasks

How to: Enter VAT-liable Amounts Without VAT in General Journals
How to: Set Up and Record Intrastat
How to: Create a VAT Combination Setup
How to: View VAT Entries

Concepts

Recording VAT
Import VAT
VAT Reporting and Settlement