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A company has as accounting currency SEK but they are located in UK, so the VAT needs to be reported in GBP, vendors are sending an invoice on SEK currency but specifying what the exact VAT in GBP they are calculating, the problem in D365 is that in this case we don't have an exachange rate, since the transaction currency and the accounting currency is the same; the VAT is getting calcualted using the "default" exachange rate but we should be able to specify the rate we need for the specific transaction.

Category: Tax
STATUS DETAILS
Under Review
Ideas Administrator

Thank you for your feedback.

This is a great suggestion! We will consider this in our roadmap.

Sincerely,

PM, Eric Wang

Microsoft.

Comments

M

This is very much needed and I'm happy you'll give it serious consideration for the near future!!

Category: Tax

M

We have more and more case where sales tax code is different from accounting currency and reporting currency.
Customer received vendor invoice foreign currency and tax amount is specified.

With internet business, more and more companied are delocalised and business is handled by headquater.
Then under same company different tax reports will be declared

Scenario A.
Company currency CAD
Sales tax code currency GBP
Vendor sent invoice in USD but tax amount in GBP is specified on the invoice

Customer MUST record for tax declaration amount in GBP (exchange gain.loss may be calculated then between calculated VAT and amount on invoice)

Scenario B.
Company currency CAD
Sales tax code currency GBP
Vendor sent invoice in EUR. Sales tax should be calculated based on UK central bank exchange rate and not Canadian bank exchange rate.

Override option for amount in sales tax code currency should be seen on transaction and editable.
Different if any should be recorded in specific account.

Category: Tax

M

This topic was raised few times by the Customers

Category: Tax