Page 1 of 1

VAT Calculation

Posted: Sun May 21, 2006 2:25 pm
by irie1

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?

Posted: Sun May 21, 2006 2:46 pm
by Abacre

What is your country? Do you have only one VAT rate?
We will correct it.

Posted: Sun May 21, 2006 3:22 pm
by irie1

With such a prompt response I can see why other posters have been impressed with the support for the product.

My country is Trinidad & Tobago.

We have two VAT rates - Standard 15% and Zero rated and also exempt.

As far as I am concerned at this time, getting the programme to calculate the VAT as I explained earlier is what I am looking for.

Thanks again for the speedy reply (and promise of a solution)

p.s. I did, in the interim, edit out the Tax Rate from the Bill Configuration, so the printout was no longer erroneous.

Posted: Sun May 21, 2006 4:37 pm
by Abacre
OK. We will correct it at the beginning of next week. We will post a
message to this topic.

Posted: Mon May 22, 2006 3:28 pm
by Abacre
The issue with VAT calculation has been fixed.

Download the updated version from the following location:
Install it over existing version. It will update needed files.