I am sorry to bring this topic up again. I have seen a possible solution in the forum but I cannot seem to find it again.
I import goods from abroad and use a clearance agent.
When the goods arrive, I get an invoice from the clearance agent stating the duties and import VAT to be paid.
How do I record the import VAT seeing that is not a straight forward calculation?
Import VAT in my country is calculated using the following formula:
[(Customs Value + 10% thereof) + (any non-rebated duties levied on the goods)] x 15%
= [ATV] x 15%
= VAT payable
i am aware that this needs to be recorded under VAT payable, and I have tried entering it that way, with a 15% VAT, and even 0&, but it does not seem to be working.
I did see a topic with someone posting some screenshot showing a journal entry, and I tried it and it worked, but I cannot seem to find it again.