Sales tax included in prices

Banks-Hill_nl

Hi, I would like to enter a sales or purchase invoice to a GL account or prepare a general journal entry whereby the Invoice total can be entered and the cost (net of tax) and the sales tax that is included are separated and recorded appropriately.

Ie. I want to enter the total invoice amount of $530 (including sales tax) and have the program automatically separate the cost $500 to a GL account and the sales tax of $30 (assuming a 6% rate) to the sales tax account in the GL

I have only found that amounts include tax options only in the ITEM card.

I am in NAV 5.0 US

Thanks

Savatage

you could create a sales invoice (for example) on the sales lines
line1)Type: G/L Account -> your code for Sales-> the amount ($500)
line2)Type: G/L Account -> Your code for Sales Tax-> The amount ($30)

When you post your total will be $530 with the amount going into the appropriate account.

Another way & the way we usually use it is to make sure the Sales Tax is setup properly in G/L
Sales Tax->Detail.

Then we set the customer or vendor's Tax Liable Flag, Tax Area Code & Prices including tax to put the amounts into their g/l accounts. It's all automatic.

A Proper Setup here is important.

Do you find any tax fields on any of the tabs fior the customers or vendors?

ssingla

Navision does only forward calculation of taxes i.e. calculation of tax where tax base amount is specified. You are asking for backward calculation. This is a customization for which you can refer to LS retail or other retail vertical.

aseigle

Savatage wrote:

you could create a sales invoice (for example) on the sales lines

Another way & the way we usually use it is to make sure the Sales Tax is setup properly in G/L
Sales Tax->Detail.

Then we set the customer or vendor's Tax Liable Flag, Tax Area Code & Prices including tax to put the amounts into their g/l accounts. It's all automatic.

Where is the Prices including tax flag?