• From: South Africa
  • Registered: 01/18/2018
  • Posts: 10

Topic: VAT Report wrong ???

I am having trouble with the Tax Inquiry giving me wrong values. I attach the GL Account transactions and the Tax Enquiry screenshot.
According to GL account Transactions the net payable should be 11135.17(this is correct), yet the tax enquiry report either 12640.86 or 11633.37, depending or whether I use Tax Enquiry or General Ledger Reports->Tax Enquiry.
What am I doing wrong.

GL Account Transactions                                   
Print Out Date:    29-03-2018  23:39                           
Fiscal Year:    01-03-2018 - 28-02-2019  (Active)                            localhost   
Period:    01-03-2018 - 31-03-2018                           
Accounts:    2150 - 2150                               
Type    Ref    #    Date    Dimension        Person/Item    Debit    Credit    Balance
2150 Value Added Tax - VAT                Opening Balance                715,855.05   
                                   
Supplier Invoice    002/2018    3    01-03-2018            [00004] Electrocomp    2,394.00        -713,461.05
Supplier Invoice    004/2018    5    02-03-2018            [00001] Mantech    668.49        -712,792.56
Journal Entry    007/2018    7    02-03-2018            Aurinia 165560 Shaft    573.62        -712,218.94
Supplier Invoice    003/2018    4    05-03-2018            [00001] Mantech    58.80        -712,160.14
Journal Entry    002/2018    2    05-03-2018                    46.65    -712,206.79
Supplier Invoice    016/2018    18    14-03-2018            [00009] Cash    117.79        -712,089.00
Journal Entry    006/2018    6    14-03-2018                245.61        -711,843.39
Journal Entry    019/2018    19    15-03-2018            Discount    36.40        -711,806.99
Supplier Invoice    005/2018    6    16-03-2018            [00001] Mantech    51.45        -711,755.54
Supplier Invoice    006/2018    7    16-03-2018            [00001] Mantech    112.70        -711,642.84
Journal Entry    008/2018    8    18-03-2018            Adendorf INPT0357885    290.44        -711,352.40
Supplier Invoice    015/2018    17    20-03-2018            [00009] Cash    289.44        -711,062.96
Sales Invoice    IN002/2018    1    23-03-2018            [00001] Adventure Engineering        5,488.73    -716,551.69
Sales Invoice    IN003/2018    2    23-03-2018            [00001] Adventure Engineering        9,242.32    -725,794.01
Sales Invoice    IN004/2018    3    23-03-2018            [00003] Siemens (Pty) Ltd, Industry Mobility        1,911.44    -727,705.45
Supplier Invoice    001/2018    16    23-03-2018            [00003] Perelec CC    308.96        -727,396.49
Journal Entry    004/2018    4    27-03-2018            Data    122.81        -727,273.68
Journal Entry    005/2018    5    27-03-2018            Mailbox    12.25        -727,261.43
Journal Entry    018/2018    18    27-03-2018            Duplicate        122.81    -727,384.24
Journal Entry    011/2018    11    28-03-2018                13.20        -727,371.04
Journal Entry    011/2018    11    28-03-2018            First car rental 41122084    80.93        -727,290.11
Journal Entry    012/2018    12    28-03-2018            FlySAFAIR 4573055    182.18        -727,107.93
Journal Entry    013/2018    13    28-03-2018            Toll to much        5.10    -727,113.03
Journal Entry    014/2018    14    28-03-2018            Toll to much        5.10    -727,118.13
Journal Entry    015/2018    15    28-03-2018            Duplikaat inskrywig 11    5.10        -727,113.03
Journal Entry    021/2018    21    29-03-2018            VAT not taken on R1000    122.81        -726,990.22
                                   
                Ending Balance                726,990.22

Tax Report                     
Print Out Date:30-03-2018   00:46 +0200 GMT    localhost
Fiscal Year:01-03-2018 - 28-02-2019  (Active)
Period:01-02-2018 - 31-03-2018
Type:Detailed Report

Tax Rate                        Outputs            Output Tax             Inputs          Input Tax       Net Tax
Exempt                       478,003.15          0.00                      0.00             0.00             0.00
VAT 14% 14.00%         118,874.88          16,642.49               -35,779.41    -5,009.12      11,633.37

Total payable or refund                                                                                            11,633.3

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: VAT Report wrong ???

The period in the first report is Period:    01-03-2018 - 31-03-2018.
The period in the second report is Period: 01-02-2018 - 31-03-2018.
Synching them might solve your issue.

apmuthu's Website

  • From: South Africa
  • Registered: 01/18/2018
  • Posts: 10

Re: VAT Report wrong ???

There are no transactions for 01/02/2018 - 28/02/2018. Started using FA 1/03/2018. To double check I set the tax parameters to tax period 1 and tax last period to 1. Same result if I set my reporting period to 1/3/2018 - 31/3/2018.
Also changed system date to 1/4/2018, no difference except the default dates for the reports are then correct, which would be normal behaviour for FA.

Regards

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: VAT Report wrong ???

Report 1 GL Transactions balance is correct:
Ending Balance - Opening Balance = 726,990.22 - 715,855.05 = 11,135.17

Report 2 Tax Balance wrong:
(Outputs - Inputs) * 14 / 100 = 11,633.37 = (Output Tax - Input Tax) = (16,642.49 -  5,009.12)

This is clearly a case of rounding off errors. The first report is done line by line computation of tax, whilst the second one computes the tax on the total value at the end.

@joe: Should we not attempt to simulate the first in the code for the second?

apmuthu's Website

  • From: South Africa
  • Registered: 01/18/2018
  • Posts: 10

Re: VAT Report wrong ???

Report 2 Tax are not only rounding, difference are 11 633.37 - 11 135.17 = 498.20.

Also why are there a difference between:
Tax Enquiry = 11633.37 and
General Ledger Reports->Tax Enquiry = 12640.86

3 different results on the same set of books.

Regards

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: VAT Report wrong ???

Stand corrected.

Are there any entries that have been voided that get included in the second report that match the difference?

apmuthu's Website

  • From: South Africa
  • Registered: 01/18/2018
  • Posts: 10

Re: VAT Report wrong ???

By voided, do you mean under Setup->Void a Transaction? If so, no transactions voided.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: VAT Report wrong ???

Even an Edit of a Journal Entry means a voiding and then a new entry.

apmuthu's Website

  • From: South Africa
  • Registered: 01/18/2018
  • Posts: 10

Re: VAT Report wrong ???

I did some journal entries, like prompt payment discount, had to use journal to reverse and re-allocate as no tax credit are given for the discount.

Will try in new month and see if I can do better with no journal reversals.

Thanks for the input though.
Regards