I would like to ask for few thinks regarding import in foreign currency let me bring you to the scenario I’m operating in I have a business in South Africa, I import goods from Poland for which I pay in EURO, I’m transporting the goods in two stages, first one is courier from Poland and I’m paying…

I have done this so both of the transport invoices are sitting now in Transport Clearing account What I have spotted that on the Clearing agents Invoice Import VAT can not be selected to 100% Import VAT, if I do that then the Transport clearing account will not contain that portion

OK, so on that invoice you need to do a couple of extra entries - read below [image] GST on importation We import goods and one of the things we get charged is GST on imports which is an amount associated with the value of the goods imported. I set up a tax code with a …

Brucanna OK, so on that invoice you need to do a couple of extra entries - read below Hi Brucanna what extra entries you talking about because I think I’ve lost you Like I’ve stated before if I select the portion of VAT for 100% VAT than this part does not appear on BS if I don’t assign it to th…

OK, lets just clear up this VAT situation first so that we have the same understanding. When you say VAT 100%, is this the same as when you say VAT on Import ? The BS account - VAT on Import, did you create this account in the Chart of Accounts ? When you run a VAT report, does it pick up your VA…

[image] Brucanna: When you say VAT 100%, is this the same as when you say VAT on Import ? Yes this is the same VAT and it should be calculated as a VAT [quote=“Brucanna, post:19, topic:6903”] The BS account - VAT on Import, did you create this account in the Chart of Accounts ? [/quote]Tha…

Thanks for that, your Tax Summary highlights a slight problem with the method currently being used for the Import Tax, there is no value under Net Purchases on that line, therefore it appears that you are paying VAT without making any purchases, that is why the extra entries mentioned above are requ…

[image] Brucanna: You need to split this $1,400 in following way on the invoice with the Customs VAT included by replacing the existing VAT Account line with: Account = Import Clearing -10,000 with tax code: VAT TAX FREE Account = Import Clearing 11,400 with tax code: VAT 14% (being i…

[image] jacekm: on the purchase invoice from Courier; the part for VAT bill of entry I should create it twice correct? Yes, but not by using the first tax free invoice as exchange rates don’t come into it. If Customs has used 153,000 to calculate the VAT, then you use 153,000 as the + and - …

Importing of goods

Topic		Replies	Views
Landed Cost - Multiple Vendors	30	3690	January 18, 2023
Multiple Currency Purchase Invoice	32	3591	January 18, 2023
Inventory Items under Assets in the balance sheet	14	1017	January 18, 2023
How to handle import duty tax?	30	8110	January 18, 2023
Foreign exchange Revaluation	52	2103	December 19, 2022

Importing of goods

Related topics