Product Updates 407 and 406: Prepayments can be matched with invoices using Flexible VAT system
The flexible VAT system (cash based VAT) was available in Exact Globe Next since product update 381 (see Release 381: VAT cash system supported on VAT return). However, there were limitations to the usability of the feature, such as the matching of the prepayment terms with invoices. Exact Globe Next allows the matching of the records when the amounts are the same but you might not deal with the prepayment amounts which are less or more than the invoice amounts. If this happens, the message "Compressing invoices is not possible when using Flexible VAT system" will be displayed.
In this product update, you can match the prepayment with the transaction type Payment/Receipt with the invoice in the Matching screen.
Once the entries are matched, the VAT reversal entry will be generated accordingly.
|
Sales invoice entry |
Debit |
Credit |
|
Debtor GL |
1,190.00 |
|
|
Revenue GL |
|
1,000.00 |
|
VAT to be paid |
|
190.00 |
|
Prepayment entry |
Debit |
Credit |
|
Bank GL |
595.00 |
|
|
Debtor GL |
|
595.00 |
|
VAT reversal entry |
Debit |
Credit |
|
VAT to be paid |
95.00 |
|
|
VAT to pay |
|
95.00 |
Notes:
| Main Category: |
Support Product Know How |
Document Type: |
Release notes detail |
| Category: |
Release Notes |
Security level: |
All - 0 |
| Sub category: |
Details |
Document ID: |
25.262.634 |
| Assortment: |
Exact Globe
|
Date: |
10-05-2017 |
| Release: |
407 |
Attachment: |
|
| Disclaimer |