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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / VAT Calculation on Gen...
Small and medium business | Business Central, N...
Answered

VAT Calculation on General Journal

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Posted on by RevanthM 55

Hi,

VAT Amount will not calculate properly in General Journal Lines, but it was calculate perfectly in Purchase Invoices.

I tried in Cronus company also but no luck

Amount - 1000, VAT - 20 % (comes as per configuration) but VAT Amount should come 200 but it shows 166.67.

Any ideas how it will work, please find the attachment

VAT-Calculation-Error.png

Thank you,

Regards

Revanth

I have the same question (0)
  • Verified answer
    Katrin Kinau Profile Picture
    Katrin Kinau Microsoft Employee on at

    Hi Revanth,

    In documents like e.g. the purchase invoice the line amounts are usually excl. VAT. It is possible to change to „Prices incl VAT”, but per default the line amounts are excl. VAT.

     

    In the general journal line the field “Amount” specifies the total amount incl VAT.

     

    So both calculations are correct:

    The purchase invoice line of 1000 is the net amount plus 20 % VAT.

    The general journal line of 1000 is the amount incl. 20 % VAT.

     

     

  • RevanthM Profile Picture
    RevanthM 55 on at

    Thank you for your response!!

  • mbadke Profile Picture
    mbadke 30 on at

    Where is the setting to change the default action? I would like to make it so whatever amount I put in my journal is assumed to include VAT and calculate accordingly

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