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author's profile photo Former Member
Former Member

Regarding tax

Hi Experts

How can i post my tax value to my inventory account .

Ex: I had purchased a raw material of 1,00,000 and the tax @4% then my tax ammount is 4,000. But my client wants to show the inventory value as 1,04,000 but not as 1,00,000.

Can any one help me out in this .

Regards

Nani

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    author's profile photo Former Member
    Former Member
    Posted on Dec 19, 2008 at 07:56 AM

    1. Open Administration -> Setup -> Financial -> Tax -> Tax Type

    2. Double Click on the row 'tax @4%' which opens, "Define Values for Tax Attribute Window:"

    3. In this window, in 'Non Deductible %' give 100.

    4. Save and Close this window.

    5. Now it would post the complete amount including tax to Rawmaterial Account

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  • author's profile photo Former Member
    Former Member
    Posted on Dec 19, 2008 at 07:57 AM

    Hi,

    If you want to inventories the tax amount from the purchases made then you need to assign the * Non-deductible Percentage* in the tax code which you have selected in the GRPO.

    Hope this will help.

    Regards,

    Abhishek

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