VAT

Mera Open a tax system based mainly on automatic postings from practicing subsystems. Each account (debtors and creditors) are encoded with reference to momskonteringsmatrix and each component (goods, cost and financial accounts) are encoded with index matixen. Each identity in the matrix contains rates, rules and charging of VAT and the EU acquisition VAT. Mera Open a VAT system is based on differentiated VAT. There may be deducted from available cash rebate of debtor and creditor invoice before VAT (UK).

Example

Marix

Index

Rate

Tax Account

EU rate

EU VAT account

EU purchases

EU lines

0001

Outgoing

1

25%

1331

2

0%

3

5%

1332

0002

Incoming

1

25%

1341

2

0%

3

5%

1342

0003

EU business.

1

0%

25%

1371

1381

1382

2

0%

3

0%

0004

Not VAT

1

0%

1341

2

0%

3

0%

Possibly, the EU could purchase (1381) and the lines (1382) posted on input VAT (1341).

An invoice for a customer with momskonteringsmatrix 0001 (UD) Outgoing VAT on an item with index 1 (25%) will be momskonteret as follows:

Account

Debit

Credit

(61) Debtors

125.00

(17) Product sales

100.00

(00) 1331 Outgoing VAT

25.00

An invoice from a supplier with momskonteringsmatrix 0003 (EU) EU acquisition VAT on an item with index 1 (25%) will be momskonteret as follows:

Account

Debit

Credit

(71) Creditors

100.00

(27) Supplies

100.00

(00) 1381 EU purchases

100.00

(00) 1382 EU

125.00

(00) 1371 European acquisition VAT

25.00

(Financial-9)

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