• spott
  • Senior Member
  • Offline
  • From: Estonia
  • Registered: 05/30/2009
  • Posts: 74

Topic: Question about tax calculation

Hi

I have problem. I am trying to set up FA and I am adding right now with Journal Entrys the opening balance.

But I discover right now one problem, what I am not understanding. This is VAT tax problem. I have one GL account for booth - input vat and output tax.
From balance sheets its shows correctly, that I am owning 509,96. But when I am taking tax report - it doesn't subtract the input tax - but it sum the input and output taxes. Why?

Here is the output:

Tax Rate    Outputs    Output Tax    Inputs    Input Tax    Net Tax
20,00%     3 176,40    635,28    626,60    125,32    760,60
                   
            Total payable or refund        760,60

  • Registered: 12/25/2007
  • Posts: 2,448

Re: Question about tax calculation

Really don't know. Seems you have Input tax posted on wrong GL side. The Inputs/Input Tax values should be displayed negative.
Janusz

3 Reply by spott (edited by spott 02/06/2011 05:54:59 pm)

  • spott
  • Senior Member
  • Offline
  • From: Estonia
  • Registered: 05/30/2009
  • Posts: 74

Re: Question about tax calculation

Input tax goes to Debitand output tax goes to credit. and at Balance sheet it shows correctly.