This feature is available in all Versions.
A need may exist for you to post a 100% tax adjustment. This would arise when the tax charged on a document is not a standard % of the line or document total. An example of where this would be used in South Africa is to cater for the VAT on the total value of the Imported Value of all the goods on the document. With this feature you can simply override the TAX value on the line item.
How Does This Feature Help Your Business?
This feature allows you to amend the tax and not have to post different transactions to cater for the additional Tax. This option is available on the Supplier Documents, Receipts and Payments Journal as well as the Standard General Ledger Journal function.
Below is an example of a Supplier’s Invoice reflecting a line for Customs Tax. In the example, the Invoice total excluding Vat is R56,154.28 and the total Customs Vat for the Invoice is R38,857.00, totalling R95,011.28.
An example of how the transaction can be processed is shown below, where the total invoice amount excluding vat is processed on the first line. The next entry, the Price column is left at zero, the tax type selected then you would have to double click on the Tax column and manually enter the tax amount. The transaction is now in balance and the entire tax amount will go to the selected vat account.
The Journal Entry behind this transaction is shown below:
Download the PDF file here.