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  13. (Accounting) Invoice items without...

(Accounting) Invoice items without VAT

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The following describes the accounting transactions the system creates when you invoice items without VAT.

Prerequisites

Invoiced qty 12
Sales price 80.00 SEK
Discount on order line 5%
Order discount on order header 10%
Insurance on order header 15%
Invoice fee on order header 350 SEK
Cost price 50 SEK
System currency SEK

Created transactions

Transaction type Description Amount
Debit		 Amount
Credit		 Calculation/Result/Additional info
840 Sales value Gross no VAT   960.00
Sales price * Quantity

80.00 * 12 = 960.00
841 Line discount no VAT 48.00  
Sales price * Quantity * Discount on order line

80.00 * 12 * 0.05 = 48.00
842 Order discount VAT 91.20  
((Sales price * Quantity) – (Sales price * Quantity * Discount on order line)) * Order discount on order header

((50.00 * 12) – (50.00 * 12 * 0.05)) * 0.10 = 91.20
960 VAT output of order lines   0.00 This transaction is the VAT amount for the sales value. In this example no VAT is calculated, i.e. no VAT amount is created. You can define if you want to post VAT amount of zero in the DIS control file. If the Post VAT=0 BASE <> 0 field is set to YES in the DIS control file, VAT transactions with zero will be created as in this example. If the field is set to NO, no VAT transactions will be created at all.

Note: If you want to print the VAT quarterly sales report and the VAT declaration, the Post VAT=0 BASE <> 0 field in the DIS control file must be set to YES. Otherwise the VAT file (SROVAT) file is not updated. The system uses the reference amount of records in the VAT file (SROVAT) when these reports are created.
800 Cost of goods sold 600.00  
Cost price * Quantity

50.00 * 12 = 600.00

If the cost type is:

  • Standard cost, the cost price is retrieved from the Standard cost field in the Item file.
  • Average purchase price, the cost price is retrieved from the Average cost field in the Item file.
  • FIFO, the cost price is retrieved from the oldest active FIFO transaction in the FIFO file.
901 Stock value   600.00
Cost price * Quantity

50.00 * 12 = 600.00

The cost price is retrieved as described in Cost of goods sold above.
848 Insurance no VAT   123.12
(Sales value Gross no VAT – Line discount no VAT – Order discount no VAT) * Insurance on order header

(960.00 – 48.00 – 91.20) * 0.15 = 123.12

This is the insurance fee with no VAT.
961 VAT output of order   0.00 VAT amount of insurance fee (no amount in this example). You can control if you want to post VAT amount of zero in the DIS control file. If the Post VAT=0 BASE <> 0 field is set to YES, VAT transactions with zero will be created, as in this example. If the field is set to NO, no VAT transaction will be created at all. Note: If you want to print the VAT quarterly sales report and the VAT declaration, the Post VAT=0 BASE <> 0 field in the DIS control file, must be set to YES. Otherwise the VAT (SROVAT) file is not updated. The system uses the reference amount of records in the VAT file (SROVAT) when these reports are created.
850 Invoice fee no VAT   350.00  
961 VAT output of order   0.00 VAT amount of invoice fee (no amount in this example). Same additional information as in 961 above.
802 Coin adjustment   0.08
In this example the figures are:

Net sales value in SEK: 960.00 – 48.00 – 91.20 = 820.80
Insurance in SEK: 123.12
Invoice fee in SEK: 350.00
Total in SEK: 820.80 + 123.12 + 350.00 = 1293.92
Invoice total in SEK: 1294.00
Coin adjustment in SEK: 1293.92 – 1294.00 = -0.08

In the Currency table for the SEK currency, the Adjust inv amount field is 1.00, which means that invoice amounts should always be rounded off to the nearest even Swedish krona.
A/R To be accounted on Account Receivable 1294.00    

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