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Hello again,

Assuming that stock GB CoA won't create any problem, I have decided to just carry on without disturbing anything in my current installation. I had entered too many customers, suppliers and items to have any courage to start with fresh installation.

But as @apmuthu mentioned earlier, this will leave me open to ransom in case things go wrong or if I find out something is breaking apart 

Hello,
I have to admit I didn't know the complexity of sales kit and he circular referencing.

Does this mean that we cannot at all apply auto increment just on item codes ? Or would it still be possible to create something like transaction references for item code field only, and let sales kit module work as it is ?

I mean instead of inputting the item code manually can't we automate it, how would that conflict with stock id convention.

Hello,

Just wondering if below fixes are already incorporated in 2.4.2, especially the GB CoA.

If I understand correctly, there was not GRN Clearing Acc in GB CoA before, and from looking at the files updated below, it seems GRN Clearing Acc was setup at code 1005 in updated CoA at below link.

But when I try to set up GRN clearing Account from System and General GL setup in 2.4.2, I don't see any GL option to use for GRN Clearing Acc.

Any help would be appreciated.

Thanks,
GJ

Hello,

Though I am not fully at grips with the concept of sales kit and separate item codes within them, I believe if we were to provide a system like that in transaction references where there would be a defined prefix for sales kits and item codes, won't it make them both always unique ? And then even if they were used in combination, they would never conflict I believe.

For example Sales Kit = SK### and Item code = IC###

Even if they were combined ever, they won't conflict.

Now above can only be done if the codes can be both alphanumeric etc.

Hope I am making some sense.

Regards,
GJ

Thanks a lot.

I think I know now what I need to do.

Basically do a "backup restore" from within FA and then overwrite the 2.4.1 folders with new folders from 2.4.2 using Filezilla ?

Hello,

Thank you all for the amazing work that is going on, unfortunately due to my limited knowledge I am not able to contribute as much.

I started using version 2.4.1 before a few weeks to finally get started on FA, but now I see we have version 2.4.2.

Would it create any problems if I did a back up on version 2.4.1 and then restored that back up on version 2.4.2 ?

I don't want to create all the entries again on newer version(2.4.2), but on other hand I don't want to be using a version which has only been there for few months(2.4.1).

Also, would it be possible to know if there is any plan on another version release in near future for which one should wait ?

Thanks
GJ

Hello,
Sorry for the long post below, but I really need some help here as I've gone live with FA for business and don't want to end up with wrong entries and accounts.

I'd be thankful if someone can help me set up/ confirm my understanding below with regards to Company Setup / Tax Period / Tax Last Period

My VAT period is quarterly and it run as below:

From    To
01-Feb    30-Apr
01-May    31-Jul
01-Aug    30-Oct
01-Nov    31-Jan

Should I use:
Tax Period =3
and
Tax Last Period = 1 ( ideally I have a month before I pay/collect the tax from tax office, but I can do it anytime in next 3 months)

mind it, I have an odd fiscal year which runs from 29/July/2017 to 28/July/2018

I read below on wiki and have a few questions:
=========
Using the Tax System
1. After you have setup your Tax System it is time to explain how to use the Tax System in practice.

2. Let us say, that you have a Tax Reporting Period of 1 month and you have to report this per the 15th of the following month.

3. Then you will run The Tax Report somewhere between the 1st and the 15th of the following month.

4. Let us say that you have to report the Tax on Feb, 15. You run a Tax Report, and if you have set the period value and the months back value to 1 in the Company Setup, FA will suggest the period 01/01/2010 to 01/31/2010. Print out this report.

5. Before we go any further, it is time to consider how the Tax Transaction Details are collected. They are kept inside a table, called tax_trans_details. This table also holds the tax details for all documents and quick entries.

==
6. To avoid booking The Payment directly against the Tax Accounts, we should create or use an Accrued Account for our Tax collection.
Question Do i have create a GL account for this Accrued Account for Tax collection ???
==

==
7. So per 01/31/2010 we would enter a JE where we empty the Tax Accounts and counter book them on the Accrued Tax Account.
Question How exactly do I emtpy the Tax Accounts and book them on Accrued Tax ??? I have created a different types of taxes and few GL accounts for each of the taxes, do I post credit/debit entries with each of this tax accounts and Accrued Tax account (at this point I believe I do have to create a new GL account for Accrued Tax collection)

And am I correct that once I emtpy the tax accounts in to Accrued Tax account, they'll be empty ? Or would they be emptied on basis of above 'tax perioed' / 'tax last period'?
==

8. Now, when you pay the Tax via Bank Payment, you debit this Accrued Tax Account and your bank account is credited.
9. If you should have a Tax collect, you would of course use the Bank Deposit instead, and book the other way round.

Hi,

Coming back to this topic, am I correct in understanding that this fields are to be used for correctly calculating the monthly/quarterly GST/VAT payments owed/due to/from tax office?

Thanks a lot Ap.Muthu I'll have to try below and get grips with it all.

Hello again,

Just wondering if this UK CoA have been fixed now or would I still need to perform below procedure for correct CoA files before setting up a new UK company ?

Also, not sure if this is right place to ask, but how can I set up taxation where by I can reflect the VAT enteries for:

1. EU acquisitions to UK(where I need to pay 20% in UK to govt, instead of paying it to EU supplier),

2. Domestic UK purchases (where VAT is paid to supplier)

3. Sales in EU and outside EU(eg. India/China), where I don't charge any VAT,

4. Sales in UK where I charge VAT.

Would I need to set up mutiple GL accounts to capture above scenarios for purchases/sales separately ?

Any help would be appreciated.

Thanks
GJ