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This page allows you to specify the VAT details for the selected quotation number. You can specify the exchange rate and calculate VAT charges after specifying the VAT Category and the VAT Class. The system apportions the VAT charges calculated for the debit / credit note for the individual items for which VAT is applicable. You can specify the apportioned amount or retain the original apportioned amount. The system also calculates and displays the VAT amount and the corrected amount in the currency in which the debit / credit note was created and also in the base currency of the company.
Select the "Specify VAT" link at the bottom of the "Create Quotation" page.
The "Specify VAT" page appears.
The system populates the following details:
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Status |
The status of the quotation. |
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Quotation No. |
The unique number identifying the quotation. |
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Date |
The date on which the quotation was created. |
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Currency |
The currency applicable for VAT. |
Enter the following field:
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Exchange Rate |
The exchange rate of the base currency with respect to the transaction currency in case they are different (Integer) Mandatory. the system checks if this field is entered or not. |
The system displays the following details:
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Vatable Charge |
The total debit / credit amount on which VAT must be charged. |
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NonVatable Charge |
The debit / credit amount on which VAT is not charged. |
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Doc Level Discount |
The total discount amount for the debit / credit note. |
Enter the following details:
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Default VAT Category |
Use the drop-down list box to select the code identifying the VAT category. All the VAT Categories that have been defined in the “VAT Setup” business component will be available for selection. The system displays the default VAT category that has been defined. |
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Default VAT Class |
Use the drop-down list box to select the code identifying the VAT class. All the VAT classes that have been mapped to the VAT categories that have been defined will be available for selection. |
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VAT Inclusive |
This check box is selected if the item amount is inclusive of the VAT charged. |
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Retain Initial Distribution Of Doc Charges/Disc |
This check box is selected if you want to retain the VAT amount that has been apportioned by the system before the modifications have been made. |
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VAT Code |
Use the drop-down list box to select the code identifying the VAT. All the VAT codes that are available for the various VAT line numbers will be available for selection. |
The system displays the following details:
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VAT Amount per VAT Code |
The VAT amount that has been calculated for the individual VAT. The system displays the amount obtained by adding all the VAT amount (in Tran Currency) for all the VAT line number in this field. |
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Total VAT Exclusive Amount |
The total amount that does not include the VAT charges. |
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Total VAT Amount |
The total amount that has been calculated as VAT. |
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Total VAT Inclusive Amount |
The total amount that has VAT included in it. |
The system displays the following details in the “Vat Calculation” multiline:
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VAT Line No. |
The number of the row that contains the VAT charge. |
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Ref Doc Line No. |
The number of the row in the invoice that contains the Vatable item, tax or charge. |
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Item/T/C |
Indicates whether item, tax or charge is available in the row. |
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Item/TCD Code |
The code identifying the item, tax or charge that is vatable. |
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Variant |
The code identifying the variant of the item, tax or charge that is vatable. |
Enter the following details:
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VAT Category |
Use the drop-down list box to select the category to which the VAT belongs. All the VAT Categories that have been defined in the “VAT Setup” business component will be available for selection. |
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VAT Class |
Use the drop-down list box to select the class to which the VAT belongs. . All the VAT classes that have been mapped to the VAT categories that have been defined will be available for selection. |
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VAT Code |
Use the drop-down list box to select the code identifying the VAT. |
The system displays the following details:
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VAT Rate(%) |
The unit rate of the VAT that has been charged. |
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Item Amount |
The amount of individual item for which a debit / credit note has been created. |
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Vatable Item Charge |
The individual item amount for which the VAT can be charged. |
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NonVatable Item Charge |
The individual item amount for which the VAT is not charged. |
Enter the following details:
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VAT Distribution Charge |
The VAT charged on the item (Integer). The system adds all the vatable distributed charge amount and stores it in this field. |
The system displays the following details:
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Item Level Discount |
The discount applicable for the individual item. |
Enter the following details:
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Distributed Discount |
The discount deducted for the debit / credit note (Integer). The system ensures that the sum of the distributed discounts is same as that of the total discount for the quotation. The total discount for the quotation is equal to the sum of the transaction amounts for which the item TCD is “Discount”. |
The system displays the following details:
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VAT Amount(Tran Currency) |
The VAT amount in the currency in which the debit / credit note has been created. |
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VAT Amount(Base Currency) |
The VAT amount after the modifications have made manually. This amount is in the currency in which the debit / credit note has been created. |
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Description |
The textual description of the VAT code |
Click the “Recalculate VAT” pushbutton to recalculate the VAT specified.
Click the “Add VAT” pushbutton to add the VAT details specified in this page.
