Bug - Vat Number
The printed Creditor Remittance Advises displays the Vat Number (Edit → Creditors) in the footer section. This label is not translatable and the Vat tax terminology is not applicable to all countries (tax regimes).
This option allows you to generate Remittance Advises which you wish to dispatch to your creditors to inform of payments being made to them.
The Remittance Advises will display the transactions entered and posted in batches (Purchase Journal, Purchase Returns Journal, Payments Journal, etc.). If you are trading in Stock Items, it will also display the transactions for Purchase and Supplier Returns documents which are updated to the ledger.
The Creditor Remittance Advises need to be generated at least monthly and sent to the creditors. If you have any payments by cheque you may attach the applicable cheque to the Remittance Advise. This will enable the creditors to allocate the payments received by them and to reconcile your debtors account (in the creditor's books) with their accounting records. You may also receive statements from your creditors which you may reconcile with the Remittance Advises or your Creditors Ledger.
To Generate Creditor Remittance Advises:
The Remittance Advise options screen is displayed:
2.Send Report to - Select the output method (screen, printer, file, e-mail or fax).
3.Select the following options:
a)From Account ... To - You may select all your creditor accounts, a specific creditor, or a specified range of creditor accounts, to be included in this report. <li>Use Open Item - If this box is ticked, the open item method will be displayed.
b)Show Contact Person - The details of the contact person will be displayed if this field is selected.
c)Sort by Name - If this box is ticked, the creditors will be listed in alphabetical order. If not selected, the creditors will be listed in the account code sequence.
d)Show Tax Transactions - If this box is ticked, all transactions will be displayed exclusive of VAT/GST/Sales Tax. The Tax transactions relating to VAT/GST/Sales Tax will be displayed separately in a blue colour.
e)Minimum Amount - You may wish to exclude creditors who you owe less than a specified amount. Enter the minimum amount you do not wish to follow up.
f)Terms - You may specify any suitable description to meet your specific requirements for the current and three ageing terms. The normal recommended circumstances would be to include the periods as defined in your credit terms, current, 30, 60 and over 90 days.
g)Date of Statement - You may specify the date of the Remittance Advises. This date will include transactions on or before this date.
h)Up to - The months up to will specify the date in which the transactions for the current period should be included.
i)Months up to - The months up to may be selected, as to report the age analysis on, but could include any period specified.
4.Click on the OK button. The Remittance Advises will be sent to the medium selected in the Send Report to field.
An example of a Creditors Remittance Advise which includes Tax Transactions is as follows:
The Remittance Advise displays the information in the following four (4) basic sections:
1.Header section - Contains the name of your business, the postal address which was entered on the Edit → Creditor (General Information tab) for the creditor (supplier), the Creditor Account number or code, date of the remittance advise and the number of pages.
2.Transaction section - Contains the details of the transactions as entered and posted to the ledger in batches and purchase or supplier returns documents, which have been updated to the ledger (if you are trading in stock items).
For batches (journals) it would display the date of the transaction, reference number (cheque number, etc.), the description as entered in the description field of the batches (journals), and a debit or credit amount. Any purchase journal transactions for purchases, should display the amounts in the Credit column. Any purchase returns entered in the Purchase or Purchase Returns Journal and payments entered in the Payments Journal, should display the transaction amounts in the Debit column.
In the case of documents (Purchase and Supplier Returns documents), the document date and document number as generated by TurboCASH is displayed. The Description will display the Document Type as either a Purchase and Supplier Returns document and any references, if entered in the Your Reference field on the Document Entry Header screen. Any purchase document transactions for purchases, should display the amounts in the Credit column. Any Supplier Returns document transactions, should display the transaction amounts in the Debit column.
These amounts would be displayed as Inclusive of VAT/GST/Sales Tax, unless the Show Tax Transaction option is selected. If the Show Tax Transactions option is selected, the transaction amounts would be displayed as Exclusive of VAT/GST/Sales Tax and the Input VAT/GST/Sales Tax transaction and amount will be displayed separately in a blue colour directly underneath the transaction.
3.Ageing section - The Carried forward balance (closing balance) at the end or last day of the selected date (which was selected to include transactions up to), will display the outstanding closing balance at the end of each of the specified ageing periods. The default descriptions (Current, 30 Days, 60 Days and 90 Days) will be displayed with your own descriptions, if you have entered your own on the Remittance Advise options screen.
4.Footer section - Contains company address and telephone number as entered on the Setup → System parameters → Company Info (Address tab) menu. It will also display the creditor account, date of the Remittance Advise and the contact person, if selected.
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