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We will be able to report reverse tax on our supplier invoices. We have created a separate Tax Code for that. Since we need to report both Tax Disbursed and Tax Received I suppose this will be calculated tax.

There will not be any tax on the invoice (net amount) but we need to add that on two tax-accounts (disbursed and received) when we post the invoice. Off-course we want this to be an automatic posting on the voucher. Which Posting Control will we need to configure?

 

For example:

 

Supplier Invoice

Price: 1000

Reverse Tax is demanded

 

We would like the voucher to look like this:

Account 4010: 1000

Account: 2617: -250

Account: 2647: 250

 

 

Hi,

You are correct. To support reverse charges, you need to use a “Calculated VAT” tax code in IFS. If tax is to be reported at invoice entry-level, you need to configure IP9 and IP10 postings. Match account 2647 against IP9 and 2617 against IP 10.

You need to use different postings if tax is to be realized at the payment level.

Hope this would be helpful.

 

/Chirantha.

 

 

 

Thanks for your fast reply.

 

I will try that. What postings do I have to use if I want tax to be realized at payment level instead?

 

/Karolina

Hi,

Posting controls PP46 and PP47 are used to handle the payment level cal vat transactions.

/Chirantha.

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