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Former Member
Apr 20, 2010 at 09:58 AM

UK specific requirements on VAT

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All,

I'm currently working for a UK based company which has to be UK compliant for VAT

The currency settings for one of its company code is EUR as local currency. The reason therefore is that lots of its vendors send invoices in EUR. Nevertheless, UK tax authority requires the VAT amount of the invoice to be reflected in GBP with the same exchange rate as indicated of the invoice, not the one maintained every week in the system.

Therefore we need to find a way of entering a different exchange rate when keying in the invoice. This is where we block.

If the local currency settings would be GBP there wouldn't be any problem. A box is then available to enter the amount in local currency (which then calculates the exchange rate of the invoice). But in current case no option is available to reflect the correct GBP VAT amount as the system will automatically take the exchange rate of the system.

Any advice is welcome!

Thanks and best regards,

François-Xavier Willaert