Question around VAT Calculation

[mmateus]

Hi All,

I hope you can help me please.

I need to create one VAT code e.g : SAIG on the F4008, this code must however be able to accommodate more than one % of VAT. Now granted that in the P4008 you are able to have more than one line for VAT, I am just not sure of how this would actually work. I have added multiple % onto one code processed and entry but for the life of me I have no idea what % the system is using to calculate the VAT.

I have also set up the different % attached to the same VAT code and then set up the AAI with all the different GL offsets but that didn't work either.

I want to know if anyone has attempted to do this and if it is at all possible without having to create multiple codes for the different %.

I hope it makes sense. I searched the Knowledge Garden but I can't seem to find anything related to this.

Any help will be appreciated.

Thank you in advance.

Kind regards,
Misael

 

[Neilwar]

Hi Misael

I have only ever seen one rate for one code for any time period. Eg - you can use the same code for a different rate once the old code has expired.

Why do you not want to use different codes and ghow would you diferentiate between rates if not by code?

Rgds

Neil

 

[Craig_Potter]

Misael,

If you are talking about Tax on Sales/Purchasing transactions, you can have different Item Tax rates either by Short Item OR using the hard coded values of N,Y,3,4,5,6,7,8 via the Item Branch Tax Codes. See Doc ID 1413283.1

 

[mmateus]

Hi Neil, Craig

Thank you very much for your responses. I will give your suggestions a try and come back to you if I still have further questions.

Thank you once again for your trouble.

Kind regards,
Misael

 

[jackaustin]

Hi All,

I hope you can help me please.

I need to create one VAT code e.g : SAIG on the F4008, this code must however be able to accommodate more than one % of VAT. Now granted that in the P4008 you are able to have more than one line for VAT, I am just not sure of how this would actually work. I have added multiple % onto one code processed and entry but for the life of me I have no idea what % the system is using to calculate the VAT.

I have also set up the different % attached to the same VAT code and then set up the AAI with all the different GL offsets but that didn't work either.

I want to know if anyone has attempted to do this and if it is at all possible without having to create multiple codes for the different %.

I hope it makes sense. I searched the Knowledge Garden but I can't seem to find anything related to this.

Any help will be appreciated.

Thank you in advance.

Kind regards,
Misael

So, I'm going to be opening a convenience store and sandwich bar in a couple of months and I'd a tad confused about how to calculate VAT.

So, I understand you have to pay VAT on some products, but not others, and I'm wondering how at the end of a day when I cash up and find I've taken £1200, how am I supposed to know how much of that is products with VAT vs. Products without VAT?

If all £1200 is sandwiches, then I don't need to pay any VAT, but if all £1200 is Mars bars I need to pay 20% of it, but my till is just a till....

Hopefully this is a stupid question with an obvious answer

 

[jackaustin]

So, I'm going to be opening a convenience store and sandwich bar in a couple of months and I'd a tad confused about how to calculate VAT.

So, I understand you have to pay VAT on some products https://southafricanvatcalculator.co.za, but not others, and I'm wondering how at the end of a day when I cash up and find I've taken £1200, how am I supposed to know how much of that is products with VAT vs. Products without VAT?

If all £1200 is sandwiches, then I don't need to pay any VAT, but if all £1200 is Mars bars I need to pay 20% of it, but my till is just a till....

Hopefully this is a stupid question with an obvious answer

no response

 

[ChrisPa]

If all £1200 is sandwiches, then I don't need to pay any VAT, but if all £1200 is Mars bars I need to pay 20% of it,

There you have it. You must identify and split the sales between items.

You have two sales lines, one with VAT and one without. These can be represented with two different codes if you are raising the transaction in AR, say VAT and VATNIL. Set VAT in F4008 to 20% currently.

If you are working in Sales Order Entry then you have Items. These are set up in F4102 - Item Branch - with two relevant flags "Sales Taxable" (TAX1) and Purchases Taxable (TX). You will need to split your sales by item, set your TAX1 flag on sambos to N and Mars Bars to Y, and the customer master you use should have EXR1 set to V and TXA1 set to VAT. This will result on Sales Update putting in a Taxable Amount, a Non-Taxable Amount and a 20% tax amount on the Taxable Amount to generate your sales gross amount. Get your maths right and you could end up with STG1,200.

but my till is just a till....

And there is your problem right there, from the sounds of it. You will need to split the data out.

 

[Adward32]

So, I'm going to be opening a convenience store and sandwich bar in a couple of months and I'd a tad confused about how to calculate VAT.

So, I understand you have to pay VAT on some products, but not others, and I'm wondering how at the end of a day when I cash up and find I've taken £1200, how am I supposed to know how much of that is products with VAT vs. Products without VAT?

If all £1200 is sandwiches, then I don't need to pay any VAT, but if all £1200 is Mars bars I need to pay 20% of it, but my till is just a till....

Hopefully this is a stupid question with an obvious answer click

Certainly, I can help you with questions related to VAT (Value Added Tax) calculations. Please go ahead and ask your specific question, and I'll do my best to provide information or guidance.