We believe it would be useful when posting a currency sales or purchase document for the following existing fields in table VAT entries 254 to be populated
Source Currency VAT amount 70
Source Currency VAT base 71
the source currency amount 18 and source currency VAT amount 19 are both populated within the GL entry table 17 so it seems sensible to also populate the VAT entries table
We have had customers who are completing VAT returns for foreign currency transactions and the source currency information is not available in the VAT entries table they are having to go into the GL entries table to extract and summarise the information which is taking additional time
Comments
Since the UK left the EU we prepare multiple non UK VAT returns and we need the values in the local currency not GBP. We created lots of useful VAT Business and VAT Product Posting Groups and VAT statement to capture the line level information necessary for mixed VAT % invoices) but pulling it together relies on cross referencing to other ledgers for the currency values - not good enough Business Central. We also have an Irish company (EUR base) who needs to submit a UK VAT return in GBP . European countries will need Business Central to step up to allow effective compliance reporting or look elsewhere.
Category: Financial Management