Exact Globe

Product Updates 419 and 418: VAT listing improved (German legislation)

When the Standard cost price (Classic) is selected as the valuation method in Inventory settings, some tax differences can be seen in the VAT listing report for VAT-charged transactions due to the price differences general ledger. The price differences general ledger of the VAT-charged transactions can now be compressed with the invoices to be received general ledger in the VAT listing report when the Compress: Price differences account to ITR check box is selected.

VAT listing report

In the VAT listing overview screen (accessible via Finance ➔ VAT/Statistics ➔ VAT listing), the new Compress: Price differences account to ITR check box has been added. The check box will be displayed when the Standard cost price (Classic) option has been selected at the Valuation method field under the Entry section in Inventory settings (accessible via System ➔ General ➔ Settings ➔ Inventory settings).

When the check box is selected, the price differences will be reflected in the Invoices to be received general ledger, instead of in the price differences general ledger. Note that there will be no changes in the financial transactions.

Refer to the following explanation to see how the change will take effect when creating a purchase order:

1. A purchase order is created with the item code “11”, price “100” and VAT code “1” (VAT charged).
   
   
2. After the authorization and processing of the purchase order, the amount in the purchase entry is changed to “150”.
   
   
3. In the VAT listing report, the price differences will then be reflected in the Invoices to be received general ledger under the Tax amount column as displayed: