Greetings to all Merry Christmas everyone
I have a question about tax
I have an amount due for the previous tax period, and currently I want to show it in the tax report for the current period, noting that the amount appears in the program as VAT payable - 3,513.00, but when requesting a new tax report, this amount does not appear in item No. 13. Total refundable tax for the tax period, how Can I show it and how is the accounting entry made in this case to show the amount and deduct it from the tax amount currently due?
You have my respect and appreciation
Greetings to all Merry Christmas everyone
I have no idea what report you are talking about - is it a local report? What is item No. 13?
Also what verisin and edition of manager are you using?
If you show screen images of the report and relevant screens, then maybe someone will be able to help
Welcome to the forum @Hatem_Mohammed
You have not provided sufficient information. Please provide the following:
- Edition and Version of Manager
- What report are you looking at? Is it a localized report?
- In case of localized report, which country?
- Screenshot of the report in question
- Screenshot of the drill down of affected item
- Screenshot of the edit screens of tax codes affected
- Screenshot of Tax Summary report for the same period for comparison
- Edition and Version of Manager 18.104.22.1683
- What report are you looking at? Is it a localized report? VAT201- إقرار ضريبة القيمة المضافة
- In case of localized report, which country? UAE
If you notice that an amount has been found with the tax authority, which is transferred to the following tax returns, such as Picture No. 2 in Box No. 13
But it does not appear and the balance carried over from the previous declaration is not carried over to the declaration
I apologizes for my poor language, but I explained in writing exactly what I wanted
Can you show the full screen rather than part screen as it is difficult to understand what report or screen I am looking at
sure this is another video
I’m not into videos, sorry
In this image, it appears to be working as expected the current tax period.
However, for the credits carried over from previous periods this hasn’t been implemented for the UAE localization due to the added complexity since this will require additional tax codes.
We have a implemented a similar mechanism in Bahrain but I feel it’s too complicated for everyday user.
The setup that has been implemented uses a Zero Rated Tax Code which “recodes” the credit within the Tax Payable account, similar to this entry:
On the other hand in UAE, the user can use other reports, namely, Tax Reconciliation to see the total balance without having to write a Journal Entry.
In the case of Bahrain, you will also check the Tax Reconciliation report and then write a Journal Entry based on that.
@Hatem_Mohammed, do you believe that displaying the localized reports as-is justifies the longer process with the Journal Entry and the additional tax code?
Yes, I think so, but this is a kind of simple complication that can be bypassed
But I want advice on VAT PP Credits C/F inside, how to adjust the settings inside
I want to know how to configure it to make it complete
I thank you very much for your interest
Good, this means that the localization needs to be updated. I will initiate the change in UAE localization
Once the change is done, I will give instructions on how to effectively setup and record carried over credits.
In the meantime, I need to coordinate with the developer since the localization server is undergoing maintenance at the moment.
I will keep you posted.
Thank you for your cooperation
I am waiting for the change and I hope it will be as soon as possible
The localization have been updated to include carried-over balances from previous periods.
The changes should propagate within 1-2 days.
In order to setup a tax code for this, you can follow this setup:
|Reporting Category||VAT Prior Periods C/F|
|Tax Rate||Zero (0%)|
⁎ User defined value
⁎⁎ Optional, not required
Thank you seriously for your interest in the topic, waiting for updates. Thanks again
This is the update
The localization has been updated to include the carry forward of VAT balance from previous period and the change has propagated to the end users.
And post #13 provides the instructions on how to setup a tax code. Tax codes need to be setup by the user in case the business isn’t newly created.