VAT Amount

himali

Hello All,

Is there possible to record seperat VAT amount only ? in this case total purchase amount including VAT be recorded as expenses at the same time and VAT amount has to be recorded somewhere else which should not affect in COA or g/l...


Thank you All in advance.

ssingla

Which Localization version are you using.

himali

Nepal..Asia...i am using version nav9 classic theme

kriki

[Topic moved from 'NAV 2009' forum to 'NAV/Navision' forum]

ssingla

Does MS releases localized version for Nepal???
I do not think so.....

himali

yes....it is..

chengalasettyvsrao

himali wrote:

Is there possible to record seperat VAT amount only ? in this case total purchase amount including VAT be recorded as expenses at the same time and VAT amount has to be recorded somewhere else which should not affect in COA or g/l...

can u throw a example with some Values.

ssingla

I don't know of Nepal version but in India we have a field in Purchase Line with field name as "NON ITC Claimable Usage" where if we specify 100% then whole cost is loaded on inventory and nothing is recoverable. The same is recorded in Tax Entry table and we can build a report on that basis.

If the fields/functionality exist in your version you can give it a try.

himali

Hello both,

I have not found that kina option in my navi..i am using navi9 classic theme.

for more explanation....

senario:...lets say...following is the invoice detail....

purchase of computer NRs.100000 exclusive of vat
13% vat amount is nrs.13000

total invoice amount is nrs. 113000 only

now total expense (purchase invoice) is 113000, whereas 13000 is not actaul expense if governet refund the vat. But they dont know at the time of transection as well as payment. they adjust this amount end of the year.
Now total exp should be rs.113000, at the same time accountant or finance manager should know that the amount of 113000 is inclusive of vat and Vat amount is 113000. once they get refund the vat, they settle btween exp g/l account and bank. Beside this, VAt statement also needs to print. i dont know whether it is possible or not ?

Please suggest.

thanks