Hi,
When receiving prepayments from customer in AR (against an Order), the VAT amount of the prepayment has to be reported. How can I record it so it appears in Tax Tracking Reports?
Appreciate your input.
Thanks & Regards,
Ubaidullah Nubar.
Hi,
When receiving prepayments from customer in AR (against an Order), the VAT amount of the prepayment has to be reported. How can I record it so it appears in Tax Tracking Reports?
Appreciate your input.
Thanks & Regards,
Ubaidullah Nubar.
Is there any solution for this?
I don't know.
What you could do I guess is add 2 lines to the order, one positive, one negative, when you pay the prepayment, put that in the positive amount and pay it and then put that amount as a negative so that the net result is a lower invoice and your prepayment invoice has been reflected but that is all wrong. The payment as Jay said in your other post is a prepayment and should be treated as such, being a reduction in the final amount due and when you raise the full invoice, you pick up the tax then. That's when the actual liability is due.
Alternatively you raise a separate AR invoice and code it to "Prepayments" or something and then when you raise the final invoice, you raise a credit note to clear the "Prepayments" account. A whole lot of work without real benefit.
*Community Hub is the new name for Sage City