Exact Globe

Product Update 408: VAT conversion functionality introduced (Japanese and Chinese legislations)

Effective April 2014, the sales rate in Japan has been adjusted from 5% to 8%. In order to ease the conversion for open transactions, the VAT conversion functionality has been integrated into Exact Globe Next for Japan, as well as China, in this product update.

The enhanced functionality is accessible via the VAT conversion button that has been added to the System/General/Countries/Tax codes screen for converting entries. This button is enabled only when the VAT or Withholding tax type of tax code is selected for the conversion. The following screen will be displayed when you click the VAT conversion button:

Note that the Tax schedule master data has been included in the master data to be updated with the new VAT code at Replace VAT code in the following master data.  Define the rest of the required fields. For more information, see Product Update 400: Changes to VAT conversion screen. Click OK to proceed with the conversion.