VAT

Dear All.

I have a doubt here my client requires two vat account seperatly for EXP & Fixed Assets in CAO.I am not able to give two accounts for VAT RECEIVABLES.

Please help me in this regards

Regards

Narayan

Topic moved to Indian forum as question is IN-localization specific…

In order to achieve this you need to define two different “VAT Prod. Posting Groups” which point to different VAT accounts.
Then you can assign the correct groups to items, G/L accounts and resources - depending on what VAT receivables should go to which account.

So you could define as example one group called “EXP” and one called “FA”.

Dear Thomas,

We are not using VAT Business & Product posting group as it applies only for EU.We are using Loacalised Version both for Sales Tax and Vat.

Please help me out

Regards

Narayan

You’d probably have to mention which localisation to receive any help! [:D]

The same idea you could basically use with the tax jurisdiction table.

Just define different records in this table and assign the accounts you need the sales taxes being posted to. Then make suer that the right record is being used in the right situation.

Dear Thomas,

There is no group concept in Tax Jurisdiction table. It just gives the states and the account number.It does not have groups to define in that place.

I am able to give only one account number in that place for VAT RECEIVABLE.

Please help me out.

Regards

Narayan

You create a new field in this table for the second “VAT receivable” account.

In CU12 you need to make sure that the system uses the right account for this and you need to change the function SummarizeVAT in CU12 to make sure that you summarize VAT per account properly.

You are probably using Indian Version. Assuming that, you cannot define 2 accounts for different tax group codes. You can create a report based on Tax entry and detailed tax entry table to show the figures in different groups and the total of both will match with the total in G/L Account.