in this case for example, our client pays a VAT payment for imported goods, which is then taxed at 100% of the value. the system when putting in 100 percent tax, splits it 50/50 as it should, but this is not what we want to do in quickbooks.
EG Client paid R500 for VAT as a import tax, the entire R500 should go to the VAT on the invoice as well as R500 to the selected chart of account, and then a reversal amount of -500 to the same chart of account at a 0 percent rate. Will probably require doubling the initial amount so that the 100 percent tax rate calculates as it should.
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11 months ago

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11 months ago

An Anonymous User
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