Visma.net ERP
About inclusive VAT support
The Purchases workspace supports value added taxes (VATs) on purchased items if the VAT reporting functionality is enabled in the Aktivera/inaktivera funktioner (CS100000) window.
In most European countries, where value added taxes are often used, prices for consumers are VAT-inclusive or specified with the VAT amount included.
The base and sale prices, too, can be specified as including or excluding the appropriate VAT amount.
You configure inclusive and non-inclusive taxes in the VAT (TX205000) window.
For inclusive taxes, select the Extract from item amount option.
In the Purchase orders (PO301000) window, the document details include applicable VAT shown for informational purposes on the VAT details tab; the list of applicable VAT includes the VAT present in both the supplier VAT zone and the ordered item's VAT category.
In the Purchase receipts (PO302000) window, VAT amounts are calculated because even though value-added taxes for stock items are paid to suppliers, they are claimable from the tax agency.
Example of inclusive VAT processing
Consider an example in which a company purchases 100 motherboards at €22 each with a 10% VAT included.
The total amount is €2200, and the VAT amount calculated for the document is €200.
The following transactions will be generated for the Inventory receipt.
| Account | Credit | Debit |
|---|---|---|
| Inventory (components) | 0 | 2200 – 200 = 2000 |
| Purchase accrual | 2000 | 0 |
The following transactions will be generated for the supplier ledger invoice receipt.
| Account | Credit | Debit |
|---|---|---|
| Purchase accrual | 0 | 2000 (accrued amount) |
| Supplier ledger | 2200 (full receipt amount) | 0 |
| VAT claimable account | 0 | 200 |
If any difference arises due to rounding between the original receipt amount, the sum of the VAT amount, and the amount to be recorded to the accrual account, it will be added to the purchase price variance account.
Related windows
