[Question] Customs VAT

[CGI Logistics]

Do Pastel have a specific account code for Customs VAT or should it be posted to a control account?>

[Neville Bailey]

You must use the tax code 06 - VAT Adjustment (100%) for Customs VAT.

Use any GL account, it doesn't matter which, because Pastel will allocate 100% of the value to the Tax Control Account.

[MHorn]

Imported Services from a foreign supplier - Recipient have to declare output Vat. Please assist

You must use the tax code 06 - VAT Adjustment (100%) for Customs VAT.

Use any GL account, it doesn't matter which, because Pastel will allocate 100% of the value to the Tax Control Account.

Hi Neville

I have a similar question.

I have to declare Output Vat on the Rand Value after exchange conversion from USA to ZAR on Imported Services to be accounted for under Block 12. No Vat was charged on the Supplier invoice which is correct as the recipient is responsible for Vat Payment The supplier Invoice was processed with the Rand Value under 00- No VAT (which will not appear on the Pastel VAT Tax Box Report) and the exchange conversion Fee of 2.75% (Vat Inclusive) was added to the Rand Value after conversion by the bank in South Africa. This is the only input Vat claimed on the supplier invoice.

Now for the output: This is where I am not sure and I need your input.

It makes sense to process a journal with tax code 06 - VAT Adjustment as output Vat in order for the output to appear on Pastel VAT Tax Box Report as I do not have a source document other than the supplier invoice. I cannot process the Tax Code 06 on the supplier invoice as it will show as Input Vat on the Pastel Report.

Does the same process you describe above apply in my case as well and what is the most appropriate contra account to use on the General Journal

Kind Regards
Magda Horn