VAT Calculation
Posted: Sun May 21, 2006 2:25 pm
Hi,
I've recently downloaded and am evaluating V1.9.6.560, and I like most of what I've seen so far.
As to calculating VAT though, when I set the tax rate to 15% (the VAT rate in my country) with "Taxes included in prices" checked in Property Settings, and then "sell" an item priced at $11.50, the summary on the customer receipt shows the VAT as $1.72.
This works out to a rate of 17.2% of my intended selling price - $10.00 before VAT.
I can "work around" this problem by setting the Tax rate at 13% (which is actually the VAT fraction), so the calculation is correct except the VAT is printed as 13% on the receipt.
Any plans to change this?
I've recently downloaded and am evaluating V1.9.6.560, and I like most of what I've seen so far.
As to calculating VAT though, when I set the tax rate to 15% (the VAT rate in my country) with "Taxes included in prices" checked in Property Settings, and then "sell" an item priced at $11.50, the summary on the customer receipt shows the VAT as $1.72.
This works out to a rate of 17.2% of my intended selling price - $10.00 before VAT.
I can "work around" this problem by setting the Tax rate at 13% (which is actually the VAT fraction), so the calculation is correct except the VAT is printed as 13% on the receipt.
Any plans to change this?