Enter PO and fetch VAT>>>make
purchase receipt, >>> make purchase invoice>>>> make JV.
The JV only shows full amount paid to
supplier inclusive of TAX.
Believe VAT is processed and put into
account head for VAT under invoice. ?? correct??
However, if I upload a series of
payments like electricity I have to put the VAT in the JV, since no purchase
invoice exists, and otherwise VAT would not be recorded.
So, JV resulting from the full
processing chain do not contain VAT, but manually entered “purchases” do.
Why there is such an "inconsistency" or do i do something wrong??
Hope this is correct otherwise I do have
a problem.
If you are making payment entry directly, you should book VAT in JV itself.
For example, if your electricity bill is $110 (inclusive VAT = $10). Then you should debit $100 against electricity expense and debit $10 against VAT.
Regards, Nabin Hait
On Mon, Dec 31, 2012 at 1:01 PM, robert <be…@gmail.com> wrote:
Say I process a purchase of item AAA.
Enter PO and fetch VAT>>>make
purchase receipt, >>> make purchase invoice>>>> make JV.
The JV only shows full amount paid to
supplier inclusive of TAX.
Believe VAT is processed and put into
account head for VAT under invoice. ?? correct??
However, if I upload a series of
payments like electricity I have to put the VAT in the JV, since no purchase
invoice exists, and otherwise VAT would not be recorded.
So, JV resulting from the full
processing chain do not contain VAT, but manually entered “purchases” do.
Why there is such an "inconsistency" or do i do something wrong??
Hope this is correct otherwise I do have
a problem.
Remains the question about consistency, why a complete puchase/sales chain is treated different with respect to the manually entered vouchers. One would expect that using the chain, VAT, would also show up in the ledger, similar to the manually entered VAT.
rgds robert.
On Monday, December 31, 2012 8:31:25 AM UTC+1, robert wrote:
Say I process a purchase of item AAA.
Enter PO and fetch VAT>>>make
purchase receipt, >>> make purchase invoice>>>> make JV.
The JV only shows full amount paid to
supplier inclusive of TAX.
Believe VAT is processed and put into
account head for VAT under invoice. ?? correct??
However, if I upload a series of
payments like electricity I have to put the VAT in the JV, since no purchase
invoice exists, and otherwise VAT would not be recorded.
So, JV resulting from the full
processing chain do not contain VAT, but manually entered “purchases” do.
Why there is such an "inconsistency" or do i do something wrong??
Hope this is correct otherwise I do have
a problem.
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