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Hi Folks,
AX not calculating sales tax if offset account is bank, for same entry if offset account is ledger AX is calculation tax accurately.
any suggestion?
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Hi Naveed,
This is because it will only calculate sales tax in case you are using ledger accounts. When transferring an amount from a vendor to the bank, there cannot be sales tax involved.
The issue arises when the bank charges fees for things like NSF, or below minimum balance.
On bank reco such transactions need to be posted via a Journal but the bank TRN number does not flow to the journal.
So the need to record VAT arises when bank charges are subject to VAT.
This was a requirement for the introduction of VAT to the UAE however the Central bank then issued different guidance that the bank fee amount must be inclusive of VAT. This is subject to review. However, either way VAT is paid and a company that wishes to reclaim it needs to consider how to post the VAT element of the transaction.
Hi Naveed Nawaz,
Has your question been answered?
If so, please be so kind and verify the answers provided.
Many thanks and best regards,
Ludwig
Hi Ludwig,
Our scenario is as per UAE law if customer makes prepayment then we need to calculate tax.
our customer are directly depositing amounts into our bank and send us receipts.
Have you thought about a splitted posting where you create a first voucher and post
DR Vendor
CR Bridge account
plus tax
and then a second voucher where you post
DR Bank
This should work fine in the standard application.
Best regards,
this solution is already working which shows many variation in reports. in banks trans offset account shows bridging account rather than customer
Under review
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