Inventory Shipment Document

The functionality allows you to tax with VAT/WHT/PROFIT the write-off of items in the document.

Required settings

Profit/WHT/VAT Balancing Accounts must be specified which is the expense on which taxes should be accrued based on the combination of Gen. Business Group and Gen. Product Posting Group
Specify Profit Tax Payable Account in Tax Setup Ge
Specify Payable WHT GL Account, Payable PF Vendor GL Account, Payable PF Company GL Account in WHT Posting Setup. If the expense account for the Company part should be posted to another account -> Payable PF Expense G/L Account must be specified.
ILE mandatory in Inv. Shipment on Tax Setup ge page – Specifies whether Applies-to entry/ Appl.-to Item Entry (for LOT tracking enabled items) should be mandatory for filling in the Inv. Shipment document in case of taxation with Profit Tax
Update Invt. Unit Cost from Tracking on Inventory Setup - Specifies new recalculation functionality of a unit cost for inventory documents which update amount in lines for LOT tracking enabled items. To do this, all lots for item must be specified with Appl.-to Item Entry.

VAT Taxation

It’s necessary to fill in VAT Business Posting group on the header.

Based on the combination of VAT Business and VAT Product Posting Group -> VAT Amount will be calculated from the Amount field (Unit Cost (from item card) * qty) in lines.

If VAT Amount should be calculated based on the specified market price -> specify the amount including VAT in Unit Price field.

Upon posting the following transactions appear:

(DR) VAT Balancing Account – (DR) Sales VAT Account (based on the combination)

WHT Taxation

Mark WHT TAX on the Taxation FastTab, select Source type (vendor) and Source No.

Based on the combination of WHT Business and WHT Product Posting Group -> WHT Amount will be calculated from Unit Price field.

Upon posting the following transactions appear:

(DR) WHT Balancing Account – (CR) Payable WHT GL Account
(DR) WHT Balancing Account – (CR) Payable PF Vendor GL Account
(DR) WHT Balancing Account/Payable PF Expense G/L Account – (CR) Payable PF Company GL Account

Profit Taxation

Mark Profit TAX on the Taxation FastTab.

Upon posting the following transactions appear:

(DR) Profit Balancing Account – (CR) Profit Tax Payable Account

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