Baanboard.com

Go Back   Baanboard.com > Forum > Baan Quick Support: Functional & Technical > Finance, Invoicing and Integration

User login

Frontpage Sponsor

Main

Google search


Poll
For ERP LN feature pack upgrade, what method of install are you using?
Installation Wizard into existing VRC
36%
Installation Wizard into new VRC
36%
Manual into existing VRC
7%
Manual into new VRC
20%
Total votes: 44

Baanboard at LinkedIn


Reference Content

Reply
 
Thread Tools Display Modes
  #1  
Old 7th January 2003, 15:37
Ucanyu Ucanyu is offline
Newbie
 
Join Date: Sep 2002
Location: China
Posts: 2
Ucanyu is on a distinguished road
Baan: Baan 3.1 - DB: Oracle7 - OS: HP-Unix
Question About tax type

There are three tax types in "Maintain Tax Codes by Country".They are 'Normal','Shifted','On Payments'. Could you help me explain them? Thanks
Reply With Quote
Sponsored Links
  #2  
Old 8th January 2003, 00:31
pfsilva's Avatar
pfsilva pfsilva is offline
Member
 
Join Date: Apr 2002
Location: Portugal
Posts: 91
pfsilva is on a distinguished road
Baan: BaanIVc4 -
Types of tax

Normal tax is calculated by the product of the tax rate for the net amount, the result is added to the net amount to determine the gross amount and is posted.
Example: Net amount: 100- this is posted
tax rate 20%
Tax amount: 20- this is posted
Gross amount:120- this is posted

On payments tax acts like a normal tax except that the amount of tax is posted in an interim account till the moment of payment/collection, when the system reverses the posting of the interim account and uses the tax sale/purchase account.

Shifted tax is calculated by the product of the tax rate for the net amount but it is not added to the net amount to determine the gross amount, instead, the tax amount is posted twice, in a normal sales/purchase account and in the contra account for sale/purchase tax.

Example: In a Supplier invoice
Net amount:100
Tax rate:20%
Tax amount :20
Postings:
Net amount:100 Credit to supplier control account
Tax Purchase account:20 Debit
Contra account for Shifted Purchase tax: 20 Credit
Ledger account for "whatever":100 Debit
Contra Account
Reply With Quote
  #3  
Old 8th January 2003, 05:11
Ucanyu Ucanyu is offline
Newbie
 
Join Date: Sep 2002
Location: China
Posts: 2
Ucanyu is on a distinguished road
Baan: Baan 3.1 - DB: Oracle7 - OS: HP-Unix
Smile Another question

Thanks Pfsilva's reply.
Please help me clarify below question,Thanks in advance.

In 'Maintain Tax Codes by Country',Form2 field 'Amounts Entered in TRITON Finance' have three mode:Gross,Net,Gross over Hundred. How can I use them?
Reply With Quote
  #4  
Old 8th January 2003, 11:05
pfsilva's Avatar
pfsilva pfsilva is offline
Member
 
Join Date: Apr 2002
Location: Portugal
Posts: 91
pfsilva is on a distinguished road
Baan: BaanIVc4 -
tax codes

Hi Ucanyu,
Net means that the amounts you are going to enter in Baan Finance in maintain transactions are supposed to be net, therefore the system wil calculate the tax amount directly:
Ex: Net amount 100 tax rate 17% tax amount 17
Gross means that you are supposed to enter Gross amounts (Net + tax) in Baan Finance and the system will calculate the Net amount and the tax as follows: Gross 117 ;Tax rate 17%; Tax:117*17/117=17 Net amount:117-17
Gross over hundred means that you are going to enter gross amounts in Baan Finance but tax is supposed to be calculated over Gross amoounts. Ex: Gross: 117 Tax rate:17% Tax amount=19,89 Net amount= 117-19,89=97,11

Hope this will help you.
Pedro
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Deduction Tax Mohamed_alsadr Finance, Invoicing and Integration 4 9th June 2005 19:04
Baan & Connectware Driver Hangs Rajasekhar Tools Administration & Installation 2 18th February 2004 21:32
Finalization Error when Posting a Sales tax avpatil Finance, Invoicing and Integration 2 31st October 2003 19:03


All times are GMT +2. The time now is 22:32.


©2001-2017 - Baanboard.com - Baanforums.com