In Europe price /cost indications are quite clear.
Price per kg, price exclusive of tax etc.
The many uses of “rate” is somewhat confusing.
Is this correct???
Price/cost definitions: Reference rate= is the sales price or buying price per unit without sales tax (VAT) Rate = is the sales price or buying price per unit including sales tax (VAT) Standard rate???
In any item list, you will have the following rates:
Ref Rate
This is entered in case you offer discount.
This rate is in customer's currency.
Basic Rate / Rate
This is entered in case you dont use discounts.
If you have used Ref Rate and entered a discount, this field gets auto calculated.
This rate is in customer's currency.
Ref Rate*
Same as Ref Rate, except it is in base currency.
Basic Rate* / Rate*
Sames as Basic Rate, except it is in base currency.
The * rates are used to create General Ledger Entries in the backend.
All these rates are exclusive of taxes if you dont use Tax Inclusion Feature.
If you want your taxes to be included in your rates, you will have to check "Included in Print Rate" across the tax which you want included in the rate.
Now, you need to enter your rate in Basic Rate (without a *) column. This will be your tax inclusive amount which you enter.
After entering this, the system will auto fill Basic Rate* with tax exclusive amount, using back calculation based on taxes.
I hope this clears some of your doubts.
Thanks,
Anand.
On Fri, Jan 20, 2012 at 3:06 PM, robert <be...@gmail.com> wrote:
In Europe price /cost indications are quite clear.
Price per kg, price exclusive of tax etc.
The many uses of "rate" is somewhat confusing.
Is this correct???
Price/cost definitions: Reference rate= is the sales price or buying price per unit without sales tax (VAT) Rate = is the sales price or buying price per unit including sales tax (VAT) Standard rate???
Please refer to this blog to learn more about rates.
Soon, i will compose a blog on using inclusive rate feature also. Will
share link of the same when ready. Till then, will be glad to conduct
an online session to discuss queries mentioned above.
In any item list, you will have the following rates:
Ref Rate
This is entered in case you offer discount.
This rate is in customer’s currency.
Basic Rate / Rate
This is entered in case you dont use discounts.
If you have used Ref Rate and entered a discount, this field gets auto
calculated.
This rate is in customer’s currency.
*
* Ref Rate*
Same as Ref Rate, except it is in base currency.
Basic Rate / Rate**
Sames as Basic Rate, except it is in base currency.
The * rates are used to create General Ledger Entries in the backend.
All these rates are exclusive of taxes if you dont use Tax Inclusion
Feature.
If you want your taxes to be included in your rates, you will have to check
“Included in Print Rate” across the tax which you want included in the rate.
Now, you need to enter your rate in Basic Rate (without a ) column. This
will be your tax inclusive amount which you enter.
After entering this, the system will auto fill Basic Rate with tax
exclusive amount, using back calculation based on taxes.
I hope this clears some of your doubts.
Thanks,
Anand.
On Fri, Jan 20, 2012 at 3:06 PM, robert be...@gmail.com wrote:
In Europe price /cost indications are quite clear.
Price per kg, price exclusive of tax etc.
The many uses of “rate” is somewhat confusing.
Is this correct???
Price/cost definitions:
Reference rate= is the sales price or buying price per unit without sales
tax (VAT)
Rate = is the sales price or buying price per unit including sales tax
(VAT)
Standard rate???
*
*
*
*
*
*
*
*
*
*