Dear Concern,
whenever I fill any invoice or any data along with 5% VAT Return the calculation of VAT shows wrong instead of 5% Only. For Example If I input invoice with Amount of $100 it should calculate 5% as $5 Only but the system shows $4.76 which is wrong. Please guide me if anyone is aware of this issue.
Admin, kindly requesting you to help in this regard.
Besides, you guys are doing great job. May God bless you all
Thanks & Regards,
IFFY
This is because you have selected tax-inclusive pricing
Tax inclusive pricing : 95.24 + 5% VAT = 100
Tax exclusive pricing : 100 + 5% VAT = 105
If you had read the guide https://www.manager.io/guides/9502 you would not be asking the question. The first port of call is read the guide and if it still isn’t clear come and ask here
Dear Thank you so much for your kind response…….
actually I am making entry in receipts and payment let’s suppose the below listed
Amount exclude tax $1500 so the VAT will be $75 and total will be $1575
besides in another case if I put the data excluding tax (1500-75=1425)
Amount including Tax $1500 so that VAT calculated should show $75 then why is it showing $71.43 instead??
Please guide…
Thanking you
You clearly did not read the Guide @Joe91 linked.