Generic tax summary and posting details

This topic explains generic information about the tax summary and posting details that are printed on the invoice.

Tax summary breakdown section: The following information is printed on the invoice.

• Tax amount: In a country where the VAT or GST is levied at a single rate, the amount of tax included in the invoice can be stated simply as a statement on the invoice indicating that the invoice includes for example, $x as VAT or GST. In an environment that has multiple slabs of VAT rate, the tax invoice displays a summary of the taxable Amount and the VAT levied on it. Typically tax invoices may show the taxable amount, VAT code, VAT rate and a total for each transaction line in the Invoice, in addition to a tax summary at the end of the Invoice.
• Tax break down and summary: Each invoice displays at the end a breakdown by each VAT group calculated. This applies also for transactions that have a linked tax group with the value zero.

Generally, the summary section is summarization of the detail section by the VAT code.

• Tax group (%): This value indicates the breakdown of the tax group (%).
• Total Net value of all transaction codes excluding VAT, pertaining to specific tax group: This value indicates the total of all transaction code as a net value for the applicable tax group.
• Total VAT amount for transaction codes in specific tax group: This value indicates the VAT amount of all transaction codes where this TAX group applies.
• Total gross value of all transaction codes including VAT pertaining to specific tax group: This value indicates the total of all transaction codes as a gross value including VAT for the applicable tax group.
• City Tax Amount: The amount that is levied as City Tax and charged in addition to the room rate.

Posting details section

• Posting date: Each Invoice displays the date on which the transaction is posted, also known as tax point.
• Posted quantity/units: Each Invoice displays the quantity or units of each transaction that is printed on the Invoice.
• Transaction description: Each Invoice displays the description of the transaction that is printed on the Invoice. This transaction can be a debit transaction that is revenue or a credit transaction that is payment.
• Total gross value per transaction line (price including tax): Each Invoice displays a column pertaining to the total value of each transaction line. This total value is calculated by the given formula.Total Value = Quantity * Price per unit including VAT
• Summary of all debit gross totals that is including VAT: Each Invoice displays a summary figure for all gross debits that is including tax and displays the currency.
• Summary of credit totals: Each Invoice displays a summary figure for all credits and displays the currency ni which the payment is made.
• Invoice Balance: Each Invoice displays the Invoice balance that is debit total minus credit total.