Wednesday, October 31, 2018

Purpose of the Tax Summary within the sales transactions and the related Tax Law that is the basis of the feature

  • The Tax Code Summary capability was implemented to meet the local tax office requirement that Tax Amounts be displayed in the currency of the subsidiary (country for which the tax is being collected) rather than in the currency of the transaction itself. It is suggested to remove the Tax Code Summary selection if this is undesirable in a particular case and utilize the form customization and PDF generation capabilities to implement an alternate presentation.
  • The pertinent tax laws are the following:


Section 5.1 states the following:

5.1 What details must I include on a VAT invoice?
You must show the following details on any VAT invoices you issue:


a sequential number based on one or more series which uniquely identifies the document

the time of the supply

the date of issue of the document (where different to the time of supply)

the name, address and VAT registration number of the supplier

the name and address of the person to whom the goods or services are supplied

a description sufficient to identify the goods or services supplied

for each description, the quantity of the goods or the extent of the services, and the rate of VAT and the amount payable, excluding VAT, expressed in any currency

the gross total amount payable, excluding VAT, expressed in any currency

the rate of any cash discount offered

the total amount of VAT chargeable, expressed in sterling

the unit price

the reason for any zero rate of exemption.



Section 3.4 states:

3.4 Must all the amounts on my invoices be expressed in sterling?
No. You may express the amounts in any currency. But you must express the total amount of VAT due in sterling where there is a positive rate of VAT due in the UK.





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