Product Update 419: VAT rounding/Invoice line check box added to Invoice settings (Italian legislation)
The VAT rounding / Invoice line check box has been added in the Entry section under Invoice settings (at System ➔ General ➔ Settings) for Italian legislation. This check box determines how the VAT in the invoice will be calculated.
If the check box is selected, the VAT amount for all the invoice lines will be rounded up, and the total VAT amount is summed up based on the rounded up VAT amount for the invoice lines, as displayed in the following example:
| |
Qty |
Net price |
Net amount |
VAT % |
VAT amount |
Amount incl. VAT |
| Item A |
1 |
182.38 |
182.38 |
22 (Excl.) |
40.12 |
222.50 |
| Item B |
1 |
248.70 |
248.70 |
22 (Excl.) |
54.71 |
303.41 |
| Total |
|
|
431.08 |
22 (Excl.) |
94.83 |
525.91 |
If the check box is not selected, the VAT amount for all the invoice lines will not be rounded up. The total VAT amount is rounded up only after the VAT amount (not rounded up) for the invoice lines is summed up, as displayed in the following example:
| |
Qty |
Net price |
Net amount |
VAT |
VAT amount |
Amount incl. VAT |
| Item A |
1 |
182.38 |
182.38 |
22 (Excl.) |
40.1236 |
222.50 |
| Item B |
1 |
248.70 |
248.70 |
22 (Excl.) |
54.714 |
303.41 |
| Total |
|
|
431.08 |
22 (Excl.) |
94.84 |
525.92 |
| Main Category: |
Attachments & notes |
Document Type: |
Release notes detail |
| Category: |
|
Security level: |
All - 0 |
| Sub category: |
|
Document ID: |
29.177.787 |
| Assortment: |
Exact Globe
|
Date: |
26-09-2019 |
| Release: |
419 |
Attachment: |
|
| Disclaimer |