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Former Member
Dec 11, 2011 at 04:46 AM

vat requirment

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Hi Experts,

The new requirment is " VAT also has to be determined and has to be debited/credited to G/L account u2013 xxxx, as the case may be. For example when a credit note is issued for 10 pc of xxxx material and the price off that was given is 1.25 xxx currency. Then the total value of the credit issued is 12,5 xxx currency and on this there need to be a % of VAT to be calculated. (let us supposed it is 19%). Then the VAT amount that should be debited to VAT account is 2,375 xxx currency. When there is a debit note, there should be corresponding credit entries in to this VAT G/L account xxx "

how to config this.

Thanks,

Pandu