Issue with item price

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Posted on by Community Member

Hello,

The item price of an item is tax inclusive. when entering a sales transaction the price that show is tax inclusive but I want the price to show net of tax.

For example if an price is 33,000 this price has a tax element of 5% therefore the real price is 31,350 and the tax element is 1,650.

I want the price that will show in my sales transaction entry window to be 31,350.

Item id Item qty Item price amonunt

Pen0001 1 31,350 31,350

Tax 1,650

Total 33000

Please how can I get this done?

Thank you

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soma 24,410 on at

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RE: Issue with item price

For you case, the item price is 33,000 and tax element is 5%(1650) then, the total sales amount should be 34,650 (33,00+1650). The tax amount won't be calculate inclusive of Tax amount. It will be calculated only the exclusive of total sales amount.

If you want the total sales amount 33,000 with inclusive of tax amount, then you need to manually enter the unit price 31,350 + tax amount 1,650 shown as below.

Hope this helps!!!

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Community Member on at

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RE: Issue with item price

@Soma

Thank you for your response.

But the issue is that the client do not want to enter it manually.

Thank you

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soma 24,410 on at

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RE: Issue with item price

No other way. The tax % will be calculate based on the totals only.

I think no logic for calculate 5% of tax amount with inclusive the total + tax amount.

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Community Member on at

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RE: Issue with item price

Hi Funmilayo,

This is standard as soma mentioned.

I guess through customization , we can create an additional table to set\configure the individual item tax (or) read from the tax table.

by this we can calculate each item amount with tax amount while entering the sales line.

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soma 24,410 on at

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RE: Issue with item price

I would not recommend you to break the standard logic.

You can achieve this by changing the unit price for the items as shown below.

For your case, the total amount is 33,000 with inclusive of 5% sales tax. So, enter a sales item with the unit price of 31,428.57. Then use the sale tax id for 5 % of 31,428.57 = 1,571.43. Now the total on account will be 33,000.

Unit Price Calculation:

Unit price = (Totals/100+Tax percentage)*100

31,428.57 = (33,000/100+5) * 100

Hope this helps!!!

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Heather Roggeveen 9,146 on at

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RE: Issue with item price

The best option is to set you Item Prices Tax Exclusive - this will then operate as Soma shows below.

If the reason for wanting it Tax Inclusive in setup is so it prints Tax Inclusive on the Invoice, then you can achieve this through customising the report layout appropriately.

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