Credit Card VAT Tax
The VAT Tax appears on the Sales Tax Report after the Credit Card Bill is processed. Below are the instructions to set this process up.
- Admin -> Setup Admin -> System Settings. Make sure "Set Taxes for VAT / GST" box is checked. Save.
- Admin -> Setup Billing -> Sales Taxes. Add a new tax or Edit an existing tax. Make sure there is information in the following fields: Tax District Name, Tax Rate, GL Account for Tax Collected, GL Account for Tax Paid. Save the new / edited tax.
- Contacts -> Vendors -> New/Edit Vendor. Set the "Sales Tax District" to your VAT Tax. Save.
- Payables -> Credit Card Bills -> Credit Cards. Credit your Credit Card. Choose the Vendor you created in #3. Save.
- Payables -> Credit Card Bills -> CC Purchase Types. Create your CC Puchase Types, indicate both GL accounts, and choose the VAT Tax it is tied to in the "If Type is Tax" field. Save.
- Payables -> Credit Card Purchases -> CC Purchases. Click the "Add" button. Click "Next". Complete the required fields. Make sure to indicate the "Charge Type". This will tie it to the VAT Tax. Save.
- Payables -> Credit Card Bills -> New Credit Card Bills. Choose your Credit Card, input a Invoice #, then click "Next". Input information on following page and click "Next". Check the box for all that were on the bill. Click "Save".
- Ledger -> Journal Entries -> Post Journals Now.
- Reports -> Billing -> Sales Tax Report. Your Credit Card VAT Tax will appear.