Allow VAT value in bills to be set as a figure and not just a percentage value
We need to be able to define a value for VAT in bills, or override a value, or even create a VAT item that will be 100% VAT and not just set VAT as a percentage of an item as is the only option currently in books. We import products into the EU and therefore receive VAT duty invoices from our shippers where the majority of the value of the invoice is VAT and the figure varies from invoice to invoice and is not associated with the cost of an item.
michael
shared this idea
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Aldo Calleja
commented
The best way I found to handle this transaction is to create a Vendor as the VAT authority. I then post the VAT I pay as a payment on account already paid to the Authority. Finally, I still have to manually do all the VAT calculations in our VAT submission Form. I then deduct what I have already paid and pay the difference.
What would really be great is a SIMPLE feature which I have been asking for for the past 3 years from ZOHO, but they are to thick too listen.
I asked that every item, not only would have a Sales Tax associated with it but also a Purchase tax. In this manner, when entering a Bill, the VAT rate is set immediately without any human error. Such a simple feature and they do not listen. :(
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Steven
commented
absolutely agree - i have same issue here in australia where i receive "GST on Import" invoices from inbound freight handlers where they levy GST on behalf of the government on receipt of imported goods. we need a way to enter this into the system without breaking GST reporting and impacting other accounts on the general ledger. 100% GST(VAT) option is definitely needed! as a side note, it would also allow landed cost of goods tracking by account (not by SKU) too :-)