Vat Posting

hardik_shah

Dear All,

Need help...

Can i post vat amount in 2 different account. suppose i charging 4% vat now i want to post 2% in one account and
rest of 2% in another account. is it possible ? ? ? ?

chengalasettyvsrao

what is the Transaction type ?

Is it Purchase or sales ?

when it comes to Purchase , If the it is the Input vat Purchases , then only one account will update .

If it is CST purchases, that amount will load on Inventory .( you can not take credit).

hardik_shah

Transaction type is purchase sir and i want to charge input vat is there any otherway to do it ?????

chengalasettyvsrao

hardik_shah wrote:

Transaction type is purchase sir and i want to charge input vat is there any otherway to do it ?????

No other way to post it to different accounts .

Dont try to bifurcate the G/L accounts as required by client .May be your client is asking the same as in the Legacy system.

Why dont you show the reports Purchase Book Vat , select the Tax Area Code and Tax % .

hardik_shah

Ya it is right i should not bifurgate...but as per gov rules half of amount will recover next year.

ajaykt_2000

Dear Hardic
I think you talk about deffered account. At the purchase of capital item or asset 50% Credit on same year and 50% for next year. Then you set place a tick mark on capital goods and define vat deffered account no in sales tax setup state.

hardik_shah

sorry i didnt got u....i can see vat deffered account no in service tax state but vat is not reflected in mentioned differed account. is there any need to do other setup.??????

ajaykt_2000

i am talking about deffered tax liability in fixed asset or purchasing of capital goods not in service tax.

chengalasettyvsrao

hardik_shah wrote:

sorry i didnt got u....i can see vat deffered account no in service tax state but vat is not reflected in mentioned differed account. is there any need to do other setup.??????

a) You should define the Deferred Account No and Deferred Period In state setup .

b) It is the Item , then Place a check mark in the Captial Item or Fixed assest in Item card.

c) It is mandatory to place a check mark in the Captial goods field in the tax details setup.

d) Now create the Purchase Order /Invoice with Fixed assest or Item ( with check mark of captial / Fixed assest ) post the Purchase invoice , then view the entries.