Hi All,
This is pertaining to India Localisation.
I am facing an issue on how to handle VAT calculations for unregistered vendors in AX 2012. For an unregistered vendor, while posting an invoice, the accounting entries including VAT calculations (considering VAT as 6%) should be
Stock a/c Dr 1000
Tax Payable Cr 60
Input Tax Dr 60
Vendor Cr 1000
The main difference with posting invoice for registered vendor is that the VAT payable is not loaded on the payable amount to the Vendor and is accounted differently in a separte account. For registered vendor the above entries would be
Stock a/c Dr 1000
Input Tax Dr 60
Vendor Cr 1060
It would be very helpful if anyone can guide us on how to achieve the desired results for unregistered vendors in AX 2012.
Regards
Ashok Roy