VAT amount to be posted in GBP currency during MIRO UK legal requirement
hello,
Our UK Company code has EUR as Currency key. This means that for this company code, the local currency is EUR. If it receives and pays invoices in EUR it has also to post the VAT amount in GBP shown by the vendor on his invoice according to UK VAT regulation. We need to be able to set the rate per invoice and not using the automatic one in the table for a fixed rate per month.
Indeed, the VAT guide (VAT700) makes it clear that the suppliers must show the sterling equivalents of the Net and VAT amounts on the VAT invoice. This means that the VAT amount posted will not depend on the exchange rate set up in the system.
In few words, we need the possibility for a EUR company code which receives an invoice in EUR to be able to post the VAT in GBP according to UK legal requirements.
The remaining problem now is to have the exchange rate field open for manual change!
i did go through SAP notes 776105 and 739958
can anyone help on this
regards
venkatprasad
Hi,
I think you can resolve this by working out the exchange rate used i.e. the GBP VAT amount vs the EUR amount and store that in a document field somewhere i.e. REF KEY3 or similar. Then you would need to grab the exchange rate from the document line and use that in the VAT report (Thinking user exit). The report would then reflect the GBP VAT amount as per invoice. This is not a clean solution but as you probably know the issue is due to the EUR currency being linked to a UK company code. I think in a GBP company code, the EUR invoice would open up a field for the tax exchange rate and the issue would be solved.
Anyway, there is probably a better way of doing the above...I just have not found one yet :-).
Thanks
Kris
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