How To: Enter a SP Ledger invoice using Country Specific VAT



When doing an SP Ledger posting that is linked to a Tax Rate associated with a Tax Country, as a result of this association any SP ledgers posted using a Country Tax Rate, will be posted to the Tax Return associated with that country. For example, a customer wishes to post the Irish Import VAT received from their courier for importing goods to their Irish VAT return. They would select their Irish Tax Rate, enter the tax amount and post the SP ledger purchase. This new transaction would then appear on the Irish Vat Return , when the [ Accounts | Tax ] screen is filtered on the "Republic of Ireland" in the country filter.

  1. Open the [ Accounts | SP Ledger ] tab.
  2. Press Alt+E or click the green triangle icon is the buttonbar's EDIT button to enter edit mode.
  3. Press F3 or click the NEW ITEM button has an icon that shows two sheets of paper (identified by having the top right corner folded down), arranged diagonally on the icon from top left to bottom right to add a new item.
  4. Use the Lookup dialog box to locate the non-UK customer/supplier that you wish to post a country specific VAT invoice transaction against.
    Note: The supplier checkbox is used to toggle between customers and suppliers.
  5. A new row is added to the grid for the selected customer/supplier.
  6. Check the currency and change the conversion rate as required.
  7. Select the nominal to use for the entry by pressing F4.
  8. Enter the Invoice Reference, this must be unique.
  9. Change the invoice date by double-clicking on the date field.
  10. In the TaxRt column, press F4 and select the appropriate Country VAT Rate for the entry.
    This must have been setup before, see How To: Setup Country Specific VAT.
  11. Enter the Tax amount in the Tax column.
  12. Description: can be used to describe what the invoice was for (Optional).
  13. Status Note: can be used to track invoices that require approval from various departments prior to posting (optional).
  14. Press Ctrl+S or click the disk icon is the button bar's SAVE button to save the transaction.
  15. A dialog will be displayed so you can confirm the Tax amount being posted to the foreign VAT return and also has the country it will be posted to. The second message starting 'You are posting a NET + VAT invoice...' needs to be accepted, but can be ignored.

Notes

  • Based on the tax rate selected a normal or tax only SP ledger posting for a Sale or Purchase can be made.
  • This can't be used for EC / Reverse Tax / Reverse Charge.
  • In the VAT Return, the entry can be seen when filtering for that country. The Tax Amounts columns will be populated


See Also


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