? while using prepayments, when and how the prepayment vat is calculated. On Customer posting group setup table the prepayment account and Prepayment VAT Part account are indicated. In VAT Posting setup, also the Sales Prepayment VAT account is indicated. But while Prepayment is made (posted) there is ledger on Prepayment account, but not on Prepayment Vat Part Account. Shouldn’t the prepayment VAT be calculated once the payment is made? Or, I missed something in setup. Marika
Have You checked the “Unrealized VAT” in the G/L Setup? This affects all customers in the company where You are using unrealized VAT.
quote:
Originally posted by Lars Westman
Have You checked the “Unrealized VAT” in the G/L Setup? This affects all customers in the company where You are using unrealized VAT.
The unrealized and Prepayd seem differnent things for me. But I’ve tried it anyway. I marked the Unrealized VAT in setup, but the result is same. No entry in Prepayment VAT Part account.
You also have some setup to do in the VAT Posting Setup. Have You read the on-line manual for that? It’s all there.
If you want to calculate the VAT on prepayment you should specify coorect Gen. Posting type and VAT Product/Business Psting groups in the journal. Unfortunatelly, if you want to post this to Vendor account form Bank account this is not possible. In EU the VAT is calculated on invoice rather than payment