VAT Calculation Type Field, Gen. Jnl. Allocation Table
Shows the VAT calculation type which will be used when the journal line is posted.
The program fills in the field automatically by using the VAT Bus. Posting Group and VAT Prod. Posting Group fields.
| Option | Description |
|---|---|
Normal VAT |
With this option, the program calculates VAT for the amount on this line and creates a VAT ledger entry including the amount. |
Reverse Charge VAT |
This option is used when the line involves trade with another EU country/region, where the purchaser must compute and settle VAT accounts with the tax authorities. This option has no effect on your company's financial statements. When you sell goods or services with reverse charge VAT, you neither calculate nor withhold VAT. When you purchase goods or services, the program will calculate the VAT amount and debit the purchase VAT account and credit the reverse charge VAT account. |
Full VAT |
This option is used when the amount you are posting on this line consists entirely of VAT. This option can be useful if, for example, you make a corrective entry in order to correct a VAT calculation error. |
Sales Tax |
This option is used only if the program is set up to handle US sales tax. The option directs the program to retrieve information from specific sales tax tables and then calculate sales tax instead of VAT. |
Tip
For more information on how to work with fields and columns, see Work with Data. For assistance in finding specific pages, see Search.
Parent Tables
| Table | Location |
|---|---|
| Gen. Jnl. Allocation Table | General Ledger |
| Gen. Jnl. Allocation Table | General Ledger |