Exact Globe

Product Updates 407 and 406: VAT reversal calculation adjusted for Flexible VAT system

The VAT reversal calculation for invoices that have been written off has been revised to adopt the full reversal calculation in this product update. The same effect reflects on the partial payments with balances that have been written off and recorded as payment difference, discount, discount including tax, or currency difference.

Prior to this enhancement, the VAT reversal was computed based on proportional calculation.

Note: This functionality is available only if the Flexible VAT system check box under the VAT section in the General ledger settings screen is selected. For more information, see General ledger settings.