Here in the UK we have 3 main Tax Rates 17.5% Value Added Tax(VAT), 5% VAT and Zero Vat.
We have a customer that uses all three in his business and he wanted the X/Z Reports to reflect what the value was of each VAT Rate sold even though his overall Tax Rate, which is correct, is the only figure that should concern him as that is what he ultimately pays.
We have set up an X Report Format to give this information, however, it isn't totally accurate and wondered if there was a better way of making the report simply show the correct total!!
For Example:- A sale of mixed Tax Items(5% and 17.5%) was done total value £86.26 - total Sales Tax £11.84 made up of £10.08 @ 5% (£0.48p) and £76.27 @ 17.5% (£11.36) but it also had -£0.09 @ 0% when no 0% VAT Sales had been done.
I know that the overall Sales value of £86.26 was correct and that the
-£0.09 was used as a rounding figure £10.08 + £76.27 -£0.09 = £86.26.
Is there a way of making the report simply show overall total for each Tax rate without all of this back calculation which is prone to errors, because when a 0% Vat rated item was sold for £3.00 the report then displayed this figure as £2.91 not £3.00!!
Can anyone help Please ?
Sid