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ReportI'm working with a client and they need to have part of the taxes they pay on purchases included in the cost of thier inventory items - I can't make it work properly. They are using POP and receiving the items and invoice seperately.
Here is the situation:
Pay a total of 13% TAX
3.4288% must be absorbed in the expense or inventory account (I have this working for everything but inventory)
9.5712% they get rebated so should not be a part of the inventory item cost.
I have tried using landed cost for the non-refundable portions of the cost, which updated inventory and the GL correctly when the items are received
- Then try adding the rest of the tax (refundable portion) when receiving the invoice
- So when receiving the invoice I have the items listed, the landed cost listed and I add tax for the refundable portion as a tax on the item total amounts
- This all looks good, but the journal entry it is creating is out of balance – it is also a lot of steps
Does anyone have any suggestions on how to make this work?
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