Purchase invoice (received from supplier) VAT booked on Tax Payable

[MvanGelder]

Dear all,

first of all, thanks for your quick response and replies. Much appreciated!

To be a bit more precise:

@Tut

First, nothing should ever be allocated to Suspense account.

My mistake, when booking an invoice I (ofcourse) select an expense account to book the costs on.

@Tut

Second, by leaving the tax-inclusive box unchecked, you are indicating that the amounts are tax-exclusive. In other words, VAT is not included in the price entered. So Manager calculates VAT in addition to the purchase price of the goods themselves.

Thats correct, the amounts entered are indeed the amount excluding VAT. So yes, I want “Manager” to calculate the VAT based on the tax-code I select.

@Tut

Third, a properly entered purchase invoice such as you describe should reduce the Tax payable balance. Are you entering purchase invoice amounts as positive numbers? Manager makes necessary sign determinations based on the type of transaction and the accounts involved. Only when a line item is reversed from “normal” (such as a discount line item on a purchase invoice) should negative numbers be input.

The good news is, that one part of the issue is solved. The Tax Payable account is showing a negative number under BS Liabilities (so actually it’s receivable). I looked a bit deeper on the account mutations, and noticed that some postings were incorrectly done in the past. I corrected these, and now it looks to state the amount correctly.

The only challenge now is to get the “Tax Payable” account to be shown under BS Assets with a positive number.
Any one knows if this is possible or not? I can’t change the mapping of the Tax Payable account to Assets. When I press edit I can only change the name or give a code to the account. I can’t change the mapping from BS Liabilities to BS Assets.

About the VAT IN and VAT OUT account (created manually), these are actually not really needed if the programs default accounts “Tax Payable” works okay.

Hope this clarifies a bit more on my problem.