Once all the required statutory configurations are made, recording transactions is very simple. The configurations applied will automatically apply all the necessary tax rules, as defined. Hence, no expertise in statutory laws and rules required to record transactions.
You can select the required ledgers and record the transaction. The tax amount will be calculated, as defined.
Note: The VAT/Tax classifications set in your previous versions will be ignored. The nature of transaction and the VAT rates will be inferred from the configurations made in the masters.
Although the statutory details defined in the masters drive the tax calculation for a transaction, you have the flexibility to modify the details in the transaction.
For example ,
National Traders has recorded a sales of xyz at the rate of 4%. After recording the transaction, the user realizes that the stock item is exempt of VAT, according to the department notification. The user can modify the details directly in the transaction.
As there is a modification made, which is a deviation from the statutory rules defined, there are three check points. These check points allow validation of the modification made.
● On saving the transaction, a message box to notify that there are modifications made is displayed.
● The modification made will be tagged with * symbol to indicate that the value has been overridden by the user.
● After saving, the transaction will be listed under Transactions with tax information conflicts in the reports. The exception has to be resolved to allow the transaction have statutory implications on the data.
Your email with the article link has been sent.