In our organisation we have activities from which a part of the VAT is deductable.
For instance the VAT is 21%, 16% is deductable and 5% is non deductable.
I know that there is software in which you can fill tables with this variables.
So when you book an invoice the right amount of VAT is taken in account.
Does MS Dynamics NAV supports this kind of facility?
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Thanks!
in my case,
inv without tax is 2300
tax is 115
ledger entries posted as
Invoice 2.400 (including 20% VAT)
Non deductable VAT 15%
VAT VAT VAT Ident.. VAT% VAT Calc. Sales VAT Purchase VAT
National FULLVAT20 FULLVAT20 20% Full VAT 5613 5633
National PARTVAT20 PartVAT20 5% PART VAT 5633
Does PARTVAT20 generate following booking:
Received Goods 2.300
Deductable VAT 100
Accounts Payable 2.400
example image attached.
Yes, you can define VAT Posting setup with VAT Prod. Posting Group as VAT21% etc and Tax % is 16. I know it is bit confusing but we can setup in NAV
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