Microsoft Dynamics AX (Archived)

Singapore GST exchange rates

(0) Share

Report

Posted on by MBrown1185

2,710

Hi All,

We are undergoing an AX 2012 implementation and are into a tricky situation.

We deal with vendors (domestic or local) in USD pricing. When the Vendor sends us an invoice they specify the exchange rate from USD to SGD. Based on this rate, GST amount is calculated.

Now the problem is, each Vendor follows its own conversion rate which can change daily. Any pointers about how do we incorporate this into our solution so that we can claim GST back from Singapore Govt?

Thanks and Regards,

Michael Brown

*This post is locked for comments

All responses (6)

Answers (1)

Community Member Microsoft Employee on at

Like (0)

Report

RE: Singapore GST exchange rates

Hi tgkooi,

Did you find any solution as we have same issue.
Community Member Microsoft Employee on at

Like (0)

Report

RE: Singapore GST exchange rates

Hi ReneT,

we are having exactly the same issue here:

Accounting currency = USD

TAX currency = LKR

We can't find a way to specify the supplier exchange rate for TAX when posting the invoice.

Did you find a solution to this problem?

Thanks
Community Member Microsoft Employee on at

Like (0)

Report

RE: Singapore GST exchange rates

Hi Michael,

Do you mind to share how you setup the GST group and item GST group ? we facing difficulty when there is a transaction involve 2 GST code, and our current set up unable to capture it.

Thanks
Community Member Microsoft Employee on at

Like (0)

Report

RE: Singapore GST exchange rates

Hi, need help on similar case. When the company is having these currencies:

Accounting currency = USD

GST Currency = SGD,

Reporting Currency = USD

And receiving vendor invoices in USD needs to fix the GST in SGD using the vendor's given rate, how can AX do this?
Verified answer

Gopal Sen 15 on at

Like (0)

Report

Re: Singapore GST exchange rates

Hi Michael,

You can define invoice specific exchange rate during posting of vendor invoice.

Click in the Tax Invoice action pane > Tax Invoice > Click Header view > Click in Setup > Click Fixed Rate under Currency header > Change the exchange rate.

Thanks,

Gopal Sen
Gopal Sen 15 on at

Like (0)

Report

Re: Singapore GST exchange rates

Hi Michael,

I am also facing the same issue, did u get any solution for the same ?

Also during GST payment I am getting an error "The transactions on voucher GEM-4000 do not balance as per 1/12/2012. (accounting currency: 7.00 - reporting currency: 8.75)"

Accounting currency = USD

GST Currency = SGD,

Reporting Currency = SGD

Thanks,

Gopal Sen