I've created a tax "VAT - EU Reversal" with 20.00 and then change the value  in mySQL table to "-20.00". I've created Tax group "EU Supplier VAT Registered" and assigned 2 taxes. 1 "VAT - STANDARD RATE (20%)" & VAT - EU Reversal (-20%). When the supplier is assigned tax group of EU VAT Suppliers, on invoice 2 tax lines appears leaving total tax amount to 0 but there are 2 entries posted in GL. It works fine.

Hello,

Just came across this post to mitigate the issue about EU VAT (which UK buyer needs to pay in UK) and then needs to claim it back, (in my case as I export the goods outside EU/UK).

I understand above work around from dvarsani but confused with what GL accounts do I need to assign to 'VAT - EU Reversal' Tax ?

In case, if above means that you replicate standard 'VAT - STANDARD RATE' by a new name and then change its value to "-20.00%" in mySQL table, could this not be done by creating entire new GL accounts as below ?

UK VAT (20%) in Current Liabilities
UK VAT Refund(20%) in Current Assets

EU VAT (20%) in Current Liabilities
EU VAT Refund(20%) in Current Assets

I am still a lot confused on how to set up VAT for UK business which buy from UK/EU [either paying vat to supplier in UK, or paying vat to UK govt for EU aquisition, and selling outside EU (zero VAT)]

Any help would be appreciated, thanks a lot once again for all the work that goes on here.

Regards,
GJ

Read my answer in the FA Modifications Forum.

Joe

1) Tax to be calculated for G/L expense invoices. At present if I have an invoices from accountant for £10,000 + VAT, you have to add new line (or use quick entries) with GL account for relevant VAT and manually calculate VAT amount. This is prone to mistakes and miss posting by a junior person. Again with quick entries user has to input total of VATable amount. This doesn't make a very good ERP system.

2) Add "Direct Posting Allowed" options on all GL accounts. This is very important in small & big companies as this stops junior person to do miss posting to the important GL accounts like VAT, COGS, etc.

3) To be able to assign tax rate to each GL account (just like items). This way you can stop user wrongly entering VAT (tax) to non-VAT supplies.

With my experience on MS Dynamics NAV for 11 years, I think these functionalities will make Frontaccounting a very robust and user-friendly system.

Deven

Joe

/Joe

Does anybody know how to set up UK VAT to accommodate EU Reversal entries for EU VAT registered suppliers? I can do by creating a tax type with -20.00% but Frontaccounting doesn't allow negative percentage in "Taxes" set up.

Thank you in advance.