Hi All,
A customer of mine has created a new VAT posting group and used this one in a couple of dozen transactions and invoices with EU customers and vendors.
But instead of using Reverse Charge VAT they used Normal VAT with 0%. Now ofcourse these VAT entries are wrong, and now there VAT statement isn’t correct anymore.
What is the best way to correct these entries, the setup has been corrected already, but now the entries made with the wrong settings have to be corrected.
Thanks.
The only real way to do this is to put the setting back and create credit notes for every incorrect transaction thereby reversing it in the VAT entry table. You can then set teh VAY posting correctly and repost all of the invoices. I doubt they will want to do this if the number is more than 1. The other real alternative whereby you do not go in and hack about in the VAT entry tables is to produce the VAT statement from teh system in detail, highlighting the incorrect entries on the print and removing these from the totals on the actual VAT return (I am assuming this is not done electronically) the posting of the VAT statement would therefore close these recorded sales and purchases as closed. However the client will have to make reference to this VAT return so if they are ever asked to tie back the figures in the system to the declaration they can do so.