1 Topic by jonathan46 (edited by jonathan46 04/14/2012 06:05:06 pm)

  • From: UK, Uxbridge
  • Registered: 09/23/2011
  • Posts: 41

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

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 <Banking and General Ledger> <Tax enquiry> 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

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

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

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