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Good day
In DynamicsGP 2013 R2, I have the following situation. Stock is tax inclusive. I am ok with how GP handles the POP Shipment and then the POP Invoice match - I can see that it arrives at the correct vat exclusive cost in the inventory control account over those 2 entries. The inventory control account actually ends up with the tax exclusive cost - that is fine. The challenge is when the stock is sold via SOP. It credits the inventory control and debits the COS with the tax inclusive price. This results in both the balance sheet and the income statement being incorrect.
Has anyone seen this before? Is there perhaps a setting I must use or is this a known issue?
Any information would be really helpful.
Thank you
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Hi again.
Although I can see that the balance sheet will reflect the correct inventory cost once the POP invoice match has been done, I feel that it is not correct if the the POP shipment is done in month # 1 and the POP invoice match is done in month # 2. The way that GP is handling these transactions will cause the balance sheet stock holding asset to be overstated in month # 1. That is not correct so that aspect is also an issue for me.
Thank you
Hi Leslie
That option does not affect the COS transaction. If ticked, it will allow for the Item Card to still display the unit cost exclusive of the tax. I have tried my full range of transactions with that option ticked and unticked and the COS off the SOP entry is still wrong.
I thank you for your interest.
Sheila
Hi,
There's an option in Company Setup that acts on Tax Included items. I don't have Dynamics loaded on this machine, so I can't look. Take a peek at Administration | setup | Company and then click the options button. It's one of the items on the list of things with checkboxes.
Leslie
Thanks for the input but the tax on the revenue entry is not the issue. It is the cost of sales value that is wrong. The system is not using the tax exclusive value for that transaction- that is how it then debits the cost of sales amount incorrectly. On the POP shipment, the value written into the IV10200 includes the tax amount and it seems like that is the start of the problem. That explains why it then uses that value in the cost of sales amount.
I thank you for your input anyway
Sheila
It must be setting in how you have this set up. How are your sales tax details setup? What GL accounts do they hit? How are the tax schedules defined and how are they assigned to your customers. How are they assigned to the items? Can you send over a portion of a sales posting journal that would list the distributions upon posting?
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