Results 1 to 4 of 4

Thread: Customs VAT and Tax Control Account

  1. #1
    New Member
    Join Date
    May 2016
    Location
    Montague Gardens
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Customs VAT and Tax Control Account

    Afternoon,

    I work for a company which deals mainly with customs VAT and duties.

    Using Pastel Partner, I have set up a specific VAT code so when invoicing clients, 100% of this customs VAT amount is invoiced. However, my problem occurs as the customs VAT is then set to display in my tax control account. This completely messes up the control account.

    Is there any way I can set up a new general ledger account where only the Customs VAT is transferred to so that it does not affect my tax control account?

    Since customs VAT and my 14% tax are totally separate, I need a way to separate them in my ledgers. I am currently unable to invoice out correctly and this is affecting our clients who need to claim back their customs VAT.

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,741
    Thanks
    3,322
    Thanked 2,688 Times in 2,265 Posts
    Blog Entries
    12
    In Quickbooks I'd recommend setting up a second VAT authority, which would have its own VAT codes, rates and control account.

    Perhaps Pastel allows multiple VAT authorities too?

  3. #3
    New Member
    Join Date
    May 2015
    Location
    Johannesburg
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Create a Customs VAT Income GL account and process invoices using the GL code with 0% tax. It wont affect your 9500 control account, however it wont appear on your tax type report so you will have to add this manually when reconciling your VAT.

  4. #4
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    3,502
    Thanks
    138
    Thanked 696 Times in 594 Posts
    Blog Entries
    1
    In Quickbooks, making the invoice (GL code with 0% tax) - "Zero Rated VAT" invoice, makes the entry appear on the VAT report, not sure if Pastel is similar.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

Similar Threads

  1. [Question] Vat control account balance, pastel
    By Jackievdw in forum Accounting Forum
    Replies: 9
    Last Post: 16-Oct-24, 08:17 AM
  2. [Question] Pastel Xpress Tax Control Account
    By LindiD in forum Accounting Forum
    Replies: 0
    Last Post: 21-Apr-16, 03:54 PM
  3. Vat Control Account
    By seymoursmith in forum Accounting Forum
    Replies: 0
    Last Post: 19-Jun-15, 12:00 PM
  4. Replies: 3
    Last Post: 28-Nov-12, 04:06 PM
  5. Replies: 0
    Last Post: 30-Oct-09, 08:59 PM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •