VAT Posting problem

melupati

Hi All,

I have one problem that when I post a Purchase or Sale Invoice With any VAT , the VAT amount is not refelcted in the respective VAT account as specified and in document it is showing as specification only.

Plz. tell me what to do to reflect the VAT amounts in Specified accounts.


Regards.

thinafans

Hi,

In Vendor card,the specific vat.business posting group and vat.prod posting group you need to specify the vat payable account VAT Recoverable Account
VAT Refundable Account VAT Consumed Account.

Then it will reflect.

Pls try this.

Regards,

THINA.

melupati

Yes! I have defined all the accounts in all the posting groups as per the requirement, but it does't happening.

AdamRoue

Go to the transaction and navigate to the GL entries, you will then see where your VAT is going, if there is none there then you have VAT in your specification that is incorrect.

melupati

I have checked all the GL entries, but nothing is posted regarding VAT, and I have also checked the VAT specifications and they are all correct as per the requirement. Plz guide me the possible areas of mistakes done.

ssingla

thinafans wrote:

Hi,

In Vendor card,the specific vat.business posting group and vat.prod posting group you need to specify the vat payable account VAT Recoverable Account
VAT Refundable Account VAT Consumed Account.

Then it will reflect.

Pls try this.

Regards,

THINA.

The solutions is not what Microsoft India recommends. Standard VAT is Global VAT and does not cater to Indian needs. You must use Sales Tax module.

santosh_kr_prajapati

melupati wrote:

I have checked all the GL entries, but nothing is posted regarding VAT, and I have also checked the VAT specifications and they are all correct as per the requirement. Plz guide me the possible areas of mistakes done.

Hi melupati,
Create a structure with type "VAT" & use this structure in your Sale/Purchase transaction.

Santosh

ssingla

ssingla wrote:

thinafans wrote:

Hi,

In Vendor card,the specific vat.business posting group and vat.prod posting group you need to specify the vat payable account VAT Recoverable Account
VAT Refundable Account VAT Consumed Account.

Then it will reflect.

Pls try this.

Regards,

THINA.

The solutions is not what Microsoft India recommends. Standard VAT is Global VAT and does not cater to Indian needs. You must use Sales Tax module.

You need to have a look on this before proceeding. Global VAT will not be able to provide the functionality and the reporting required and you will end up building the same though it will be available in the sales tax module.