The tax value attributed to discounts YYY is therefore -49 * 4,80 EUR = -235.20 EUR. Many of these financial transactions will have already been. The ratio for applied discounts is correspondingly -1175.02/23.98 = -49.00. In KFS, most hardcopy documents do not exist due to the paperless transaction environment. The tax value attributed to revenues ZZZ is therefore 50 * 4,80 EUR = 240.00 EUR. Sum of applied Tax Base Amounts: 1199.00 EUR - 1175.02 EUR = 23.98 EURĬonsequently sales revenues ZZZ represents a ratio of 1199/23.98 = 50.00. The reconciliation report however calculates each revenue item separately following this logic: In the original journal entry created by the credit memo postings show correspondingly as:įor VAT g/l account VVV (VVV represents the Tax G/L Account)only one entry is shown, combining the resulting VAT posting and VAT-adjustment for the preceding customer invoice. Below is step by step procedure for Bank Reconciliation: Match the Opening balance as per Bank statement with the books. Errors by Company: Amount which is wrongly entered by Company in Bank’s ledger. The liquidation of a Reconciliation can be protested, just as the. Errors in Bank: Amount which is wrongly entered by Bank in Company’s ledger. As an entry, a Reconciliation may be liquidated, rejected, or change liquidated. Under VAT / Sales Tax Calculation Details differences show for the involved 2 revenue-relevant journal-entry lines for the Discounts/Rebates Account YYY (YYY represents the Discount G/L Account ID) and Sales-Revenues Account ZZZ (ZZZ represents the Sales Revenues account ID). Reconciliation allows an importer to revise certain elements of an entry summary that were undeterminable at the time the merchandise was entered, such as, value, 9802, classification, and FTA. Select the Journal Entries shown as erroneous under the Messages tab. In this context these differences usually amount to less than 0,50 and are caused by the applied system-immanent rounding calculation logic.Įxample: Customer Credit Memo with applied discount over 98% and an applied VAT-rate of 20%. Under VAT / Sales Tax Calculation Details, in rows marked as red - differences show with respect to calculated - and posted tax amounts. Further inside into the error-source can be gathered when going to the Tax tab in the log of the Reconciliation Run. Reconciling your accounts is not optional due to the necessity for all companies to file annual statements, summarising a years worth of transactions.
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