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VAT Posting -VAT Registered and Non Registered vendors
n_c_balaji
Member Posts: 34
Hi all,
One of my client is having an issue with VAT Posting in case of VAT Registered and Non VAT Registered Vendors.
Local VAT on Purchase is non claimable from the statutories. The scenario is that even if my client receives a Tax Invoice from the Vendor he does not exactly posts VAT Amount seperately. Rather the VAT Amount is added to the Cost of Goods.
(i.e) Vendor Invoice contains : Cost 1000+ VAT 100. Entries would be posted as Cost 1100. Is that a right way of doing it???
Because the Purchase Documents would not be matching the Invoices entered in the system and it is going to affect the Inventory Value, Margin etc.
If anyone has come across this scenario before pls share your knowledge......
Thanks in advance,
N C Balaji
One of my client is having an issue with VAT Posting in case of VAT Registered and Non VAT Registered Vendors.
Local VAT on Purchase is non claimable from the statutories. The scenario is that even if my client receives a Tax Invoice from the Vendor he does not exactly posts VAT Amount seperately. Rather the VAT Amount is added to the Cost of Goods.
(i.e) Vendor Invoice contains : Cost 1000+ VAT 100. Entries would be posted as Cost 1100. Is that a right way of doing it???
Because the Purchase Documents would not be matching the Invoices entered in the system and it is going to affect the Inventory Value, Margin etc.
If anyone has come across this scenario before pls share your knowledge......
Thanks in advance,
N C Balaji
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