The Financial VAT policies form allows you to control entries of VAT rates. If Isah is linked to a financial system, the lines on the Financial VAT policies form also serve as the basis for the VAT return. The VAT return is prepared by the financial system.
Use the Financial VAT policies form to define the types of VAT postings, for example 'Domestic sales - High rate' and 'Domestic sales - Low rate', as well as the ledger accounts these VAT types should be posted to. The amounts are posted to these ledger accounts at the time the journal entries with a financial VAT code are processed in the financial system.
Use the VAT rates form to record VAT percentages. VAT rates are used to specify the VAT percentages that apply to parts. Once the VAT rates have been recorded, the VAT sums are calculated automatically during the purchasing and sales processes.
Note: The setup of the Financial VAT policies form depends on the financial system integrated with Isah.
Example
Financial VAT code |
01 |
|||
Description |
Domestic sales - High |
|||
Ledger account |
L10 |
|||
VAT rate |
H |
21% |
||
Type |
Domestic sales |
|||
|
|
|||
Financial VAT code |
02 |
|||
Description |
Domestic sales - Low |
|||
Ledger account |
L20 |
|||
VAT rate |
L |
6% |
||
Type |
Domestic sales |
|||
|
|
|||
Financial VAT code |
03 |
|||
Description |
Domestic purchase - High |
|||
Ledger account |
L30 |
|||
VAT rate |
H |
21% |
||
Type |
Domestic purchase |
|||
|
|
|||
Financial VAT code |
04 |
|||
Description |
Domestic purchase - Low |
|||
Ledger account |
L40 |
|||
VAT rate |
L |
6% |
||
Type |
Domestic purchase |
|||
|
|
|||
Financial VAT code |
05 |
|||
Description |
Domestic purchase - Zero |
|||
Ledger account |
L50 |
|||
VAT rate |
N |
0% |
||
Type |
Domestic purchase |
|||
|
|
|||
Financial VAT code |
06 |
|||
Description |
Export (to non-EU country) |
|||
Ledger account |
L60 |
|||
VAT rate |
N |
0% |
||
Type |
Export |
|||
|
|
|||
Financial VAT code |
07 |
|||
Description |
Import (from non-EU country) |
|||
Ledger account |
L70 |
|||
VAT rate |
N |
0% |
||
Type |
Import |
|||
|
|
|||
Financial VAT code |
08 |
|||
Description |
Intra-Community delivery |
|||
Ledger account |
L80 |
|||
VAT rate |
N |
0% |
||
Type |
Intra-Community delivery |
|||
|
|
|||
Financial VAT code |
09 |
|||
Description |
Intra-Community acquisition |
|||
Ledger account |
L90 |
|||
VAT rate |
N |
0% |
||
Type |
Intra-Community acquisition |
|||
|
|
|||
Financial VAT code |
10 |
|||
Description |
Intra-Community service |
|||
Ledger account |
L100 |
|||
VAT rate |
N |
0% |
||
Type |
Intra-Community service |
|||
|
|
|||
Financial VAT code |
11 |
|||
Description |
Reverse-charged VAT on sales |
|||
Ledger account |
L110 |
|||
VAT rate |
N |
0% |
||
Type |
Domestic sales |
|||
|
|
|||
Financial VAT code |
12 |
|||
Description |
Reverse-charged VAT on sales |
|||
Ledger account |
L110 |
|||
VAT rate |
N |
0% |
||
Type |
Domestic purchase |
|||