VAT on Bill of entry

[Karen]

Can someone PLEASE explain to me how I would capture VAT on goods Imported - Using
Pastel Express..
Have the Tax invoice from FedEx, with the "Bill of entry" VAT amount and then other processing fees... total Rounds up to R386.10 but the VAT Total is R245.87...
Do I pass a journal, or is there another way of doing it?????

[Neville Bailey]

Hi Karen,

You need to use the VAT type "06 - VAT Adjustment (100%)" when processing this transaction. The contra account can be any account you choose (Suspense account), as a zero VAT exclusive amount will go there, but the full transaction amount will go to the VAT Control account, due to the 100% setting.

[Karen]

Thanks a mill!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[CarterMichaelJohn]

I have tried to do this both via a stock/services item and a general ledger account but it defaults to a 01 tax type. Any suggestions?