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Hello All,
I run an ecommerce store and am a total newbie with accounting. In any case, I have created an income transaction under banking/transactions. And in the income transaction I have selected a vat tax of 25% (tax collected). Then I also created an expense transaction with a vat tax of 25% (tax paid).
I am wondering why I don't see a summary in the tax summary report?
Am I doing something wrong?
E.g. calculation for 25% tax
Revenue = 1490 sek
Tax collected = 298 sek
Expense = 100 sek
Tax paid = 20 sek
Shouldn't I see in the tax summary report
Customer VAT (Output tax) = 298 sek
Supplier VAT (Input tax) = 20 sek
VAT payable (or refundable) = 278 sek
Thanks for the help!
Vimal.
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