I have tried looking for a possible answer, but cannot find a correct answer.
When selecting Tax inclusive the VAT amount is calculated wrong. (See screenshot)
The correct calculation method is: (Inclusive amount x 100) /115
In this case (250 x 100) /115 = 217.39 Therefor the VAT should be R32.61
Any help is appreciated
Can you show the tax details? Maybe you created a wrong tax code.
Remove flat rate
According to the guides, inclusive tax is calculated as:
Tax-exclusive price = Tax-inclusive price / (1 + Tax rate), which in this case should be:
217.39 = 250 / (1+15%), thus tax is 32.61, and it is not.
@Davide thank you, I appreciate the help.
Strange thing is I never had it checked, but then the VAT did not show up in my VAT payable account.
Now it is working. Must have been something to do with updates. Nonetheless… It is working. Thank you for the help.
Will monitor it. Cheers!!!
You are welcome
