Hi,
I am looking for information on how to post different types of UK zero rated vat transactions in Dynamics Nav.
The UK has different types of transactions that have zero vat; some transactions are outside the scope of vat (transactions where there is no vat and the transactions are excluded from and not required to be reported on the vat report); however some transactions are zero rated - (transactions where the vat is zero but the base purchase amount needs to be reported on the vat report for UK vat reporting purposes). The Dynamics set up I am using at the moment does not include anything that has zero vat on the vat report. How do I set up two different types of zero rated vat transaction in Dynamics...
trans type 1. outside scope of vat - no vat or base amount included on vat report - nothing at all for this transaction type reported to vat report
trans type 2. zero vat - vat amount is 0% but the base amount is included on the vat report (effectively the gross amount of the invoice vat = 0%)
Thanks