Re: Tax Enquiry, Tax payable is sum of input and output, not difference!

2012-04-14T21:21:08Z

You may have run into a Journal Entry bug for Tax intry.
Please login to mantis, http://mantis.frontaccounting.com and locate bug number

0001497: Tax for journal entry the other way round

There are two files that fixes the problem, that you can download.

/Joe

Tax Enquiry, Tax payable is sum of input and output, not difference!

2012-04-14T17:56:25Z

Hi,
My sales put the vat in the Right hand column of the vat account.
My purchases put the tax in the Left hand column of the VAT account.
I make Journal Entries for payments direct to the Inland Revenue for imports, and they appear on the Left of the VAT account, and the right of the bank account.

I believe this is as it should be but the adds the two columns to reach the Net Tax Payable where I expect to find the difference.

Have I misunderstood something or is my setup wrong?

Type Description Amount Outputs/Inputs
VAT 20% Charged on sales (Output Tax): 7,411.07 37,052.66
VAT 20% Paid on purchases (Input Tax): 5,589.16 27,945.81
VAT 20% Net payable or collectible: 13,000.23
Total payable or refund: 13,000.23

Jonathan

FrontAccounting forum — Tax Enquiry, Tax payable is sum of input and output, not difference!

Re: Tax Enquiry, Tax payable is sum of input and output, not difference!

Tax Enquiry, Tax payable is sum of input and output, not difference!