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Define Value Added Tax Control Framework And Improve The Effectiveness & Efficiency of Your Business.

VAT TECH

VAT is a transaction tax that is paid by the end user, which can be a consumer or a business. VAT must be set up to specify the VAT percentage to calculate for the following scenarios:

Who you sell to.

Who you buy from.

What you sell.

What you buy.

Recording VAT

Calculating and Displaying VAT Amounts in Sales and Purchase Documents.

Program must calculate and display VAT amounts in sales and purchase documents differently depending on the type of customer or vendor that you are dealing with. Program must also override the VAT amount calculated by the program to match the VAT amount calculated by your vendor on a given transaction.

VAT Correction

Make corrections to posted VAT entries. This allows you to change the total sales or purchase VAT amounts without changing the VAT base. The feature may be used, for example, if you receive an invoice from a vendor who has calculated VAT incorrectly.

Unit Price and Amount Including/Excluding VAT

When you select an item in a sales document, the program also fills in the Unit Price. The unit price is calculated and transferred from either the Item Master or from the item prices allowed for the item and customer. The program must calculate the Amount when you enter a quantity of the item.

In cases where you are selling to retail consumers, you may want your sales document prices to be displayed including VAT both on screen and when printed.

Unrealized VAT

By default, VAT is calculated and posted when an invoice is posted. However, the program must have the option to have VAT amounts first calculated and posted to a temporary general ledger account when the invoice is posted, and then posted to the correct general ledger account and included in VAT statements when the actual payment of the invoice is posted.

Reverse Charge VAT

Usually, the seller of an item calculates and withholds VAT. Companies must use reversed VAT calculation when trading with other companies that are registered as VAT-liable in another country/region. This means that instead of VAT being calculated by the seller, it must be calculated by the purchaser. The reverse charge VAT feature can be used in connection with the standard VAT calculation principle, as well as with the unrealized VAT calculation principle.

VAT Statement

Set up the statement with the format that is required by the tax authorities, it must be previewed and printed.

Must define the VAT statement based on the accounts in the Chart of Accounts.

When you set up VAT, you have to perform the following general steps:

  • Set up VAT Groups for Customers & Vendors (Business)
  • Set up VAT Groups for Product or Item (Product)
  • Enter VAT % for each unique Combination of Business and Product Groups
  • Assign VAT Combination
  • Set up groups that you can use to categorize customers and vendors for VAT posting purposes.
  • Set up groups that you can use to categorize items and resources for VAT posting purposes.
  • Set up the VAT percentage and default posting accounts for each combination of a VAT product group and a VAT business group.
  • Link VAT business posting groups, so they are assigned automatically.
  • Link VAT product posting groups, so they are assigned automatically.
Microsoft Dynamics VAT Enablement Series

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VAT Enablement Guide


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