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for deduction tab we need to put important note related to the Vat rate and amount, that it is only for calculations purposes I will not be posted as input or recoverable vat. for proper vat calculation and posting - Invoice Received for deductions needs to be recorded.
- all accounting and finance transactions for deductions will be posted in Invoice received.
- in deduction fields description "being billed" sounds strange, since it is deduction.
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- Item-Name of the material, service, or deduction type
- Content / Description-Details or description of the deduction
- Quantity - Quantity being deducted.
- UOM (Unit of Measure)- Measurement unit for the quantity (e.g., Litre, Hour).
- Price (Unit Price)-Cost per unit of the item.
- VAT %-Tax percentage applied to the item.
- VAT Amount-Tax amount calculated from VAT %.
- Amount (Net Value)-Total amount before tax (Quantity × Price).
- Total Amount (Gross Value)-Amount including VAT (Net + VAT).
- Subcontractor WBS-Project Work Breakdown Structure code used to allocate cost to the correct project activity.
- GL Account-Financial account to which the expense or revenue is posted.
- Department- Responsible company department for this cost.
- Business Activity-Internal reporting classification category.
- Income Item / Cost Code-Used for grouping costs or revenue by type.
- Comment-Optional notes or remarks about the line.
Note
The VAT % and VAT Amount fields in this tab are for calculation purposes only and will not be posted as input or recoverable VAT.
All deduction-related transactions, including VAT calculation and posting, must be recorded through the Invoice Received document.
Advance Offset
Only the advance payment is recorded as an offset balance and entered into the prepayment field, regardless of the payment method (bank transfer, cheque, etc.). This advance is linked to the current document so that any subsequent linked document automatically carries forward the prepayment. The final accounting offset occurs in the Invoice Received document.
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