Tax Ledger—Exercises

IMPORTANT
It is extremely important that you set up and work within your own company and with your own customer and supplier to maintain your data integrity. If you work with any other objects, your exercises will not function as intended and the data of other students might be affected. Predictable exercise results require that your data is isolated in your own company.

Main Exercises

Create Customer Invoices

Purpose: The purpose of this exercise is to show you how to create customer invoices.

Windows:
Customer Invoice
Update GL Vouchers

  1. Open the Customer Invoice window, and create a new record (F5).

Note: The invoice type, invoice date, and delivery date are proposed values.

  1. Select your customer from the List of Values (F8).
  2. Enter the invoice ID.
  3. Click the Lines tab, and enter a net amount of 100 and a tax code of 1.
  4. Click the Postings tab, and create a new record (F5).
  5. Enter an income account.

Note: The income account must have tax handling set to All.

  1. In the Tax Code field, enter 1. In the Credit Amount field, enter 100.
  2. Save your changes.
  3. Create a new record (F5), and repeat step 2 above.
  4. Enter two more invoices. The amount remains the same, but use Tax Codes 2 and 3, respectively, instead of Tax Code 1. You have three vouchers of Function Type F with identical net amounts, but three different gross amounts due to different taxes.
  5. Go to the updating routine and update your customer invoice.

Enter a Customer Payment into Mixed Payment

Purpose: The purpose of this exercise is to show you how to enter a customer payment with write-off into the Mixed Payment window.

Windows:
Mixed Payment
Update GL Vouchers

  1. Open the Mixed Payment window, and create a new mixed payment (F5).
  2. In the Cash Account field, select Cash Account BANK from the List of Values (F8). Default values will appear for currency and currency rate.
  3. In the Balance Method list, click Detailed.
  4. Under Balances, enter actual opening balances as 0 (zero) and actual closing balances as 330.

Note: Normally, balances should be entered according to the amounts on your statement of account document. In this case, they are simply the total of all transactions.

  1. Click the Transactions tab.

  2. Create a new record (F5), and select Enter Customer Payment as Mixed Payment Transaction Type.

  3. In the Customer/Supplier field, select your customer from the List of Values (F8).

  4. In the Amount field, enter 330.

  5. Save.

  6. Select your line, right-click, and then click Match Payment.

  7. Select the three invoices that you created in previous exercise, and click OK to confirm the Select Batch of Invoices window.

  8. You will see a difference of –13. Click the last created invoice line. In the Write-Off Code field, select DIT from the List of Values (F8). In the Write-Off Amount field, enter 13. Check the remaining amount. It should now be 0 (zero).

  9. Save your changes.

  10. Right-click and the click Approve.

  11. Update the general ledger.

Note: You have now paid the invoices. Every invoice has a cash discount, and the last invoice also has a write-off code. Check the N voucher, and verify the tax corrections.

Create Supplier Invoices

Purpose: The purpose of this exercise is to show you how to enter, post, and authorize a supplier invoice.

Windows:
Manual Supplier Invoice
Update GL Vouchers

  1. Open the Manual Supplier Invoice window, and create a new record (F5). 
  2. In the Supplier field, select your supplier from the List of Values (F8).
  3. In the Invoice Identity field, enter the invoice number.
  4. Enter an authorizer in the Authorizer field.
  5. Click the Line Information, and create a new record (F5). Enter Tax Codes 1and 500 in the Gross Amount field.
  6. Create a new record (F5) again, and enter a second line. This time, use tax code 2 and a gross amount of 672.
  7. Click the Posting Information, and create a new record (F5).
  8. Enter a cost account in the Account field, and enter 400 in the Amount  field.
  9. Create a new record (F5) again and enter a second line. However, use another cost account, change tax code to 2 and enter an amount of 600.
  10. Save.
  11. Right-click and then click Installment Plan and Discounts, select the Authorized check box.
  12. Press Ok.
  13. Go to the updating routine and update your supplier invoice.

Note: The voucher type and voucher number for your finally posted invoice are now displayed in the header. The invoice status is now Posted and Authorized.

Enter a Supplier Payment into Mixed Payment

Purpose: The purpose of this exercise is to show you how to enter a supplier payment into mixed payment.

Windows:
Mixed Payment
Update GL Vouchers

  1. Open the Mixed Payment window, and create a new record (F5) to create a new mixed payment.
  2. In the Cash Account field, select Cash Account BANK from the List of Values (F8). Default values appear for currency and currency rate.
  3. In the Balance Method field, click Detailed.
  4. Under Balances, enter actual opening balances of 1148.56 and an actual closing balance of zero (0).

Note: Normally, balances should be entered according to the amounts on your statement of account document. In this case, it is just the total of all transactions.

  1. Click the Transactions tab.

  2. Create a new record (F5), and select Enter Supplier Payment as Mixed Payment Transaction Type.

  3. In the Customer/Supplier field, select your customer from the List of Values (F8).

  4. In the Amount field, enter –1148.56.

  5. Save.

  6. Select your line, right-click, and then click Match Payment.

  7. Select your invoice and click OK to confirm the Select Batch of Invoices window.

  8. You will see a difference of –23,44. Click the last created invoice line. In the Write-Off Code field, select DIT from the List of Values (F8). In the Write-Off Amount field, enter 23,44. Check the remaining amount. It should now be 0 (zero).

  9. Save your changes.

  10. Right-click and then click Approve.

  11. Update the general ledger.

Note: You have now paid the invoice. They invoice has a cash discount and write-off code. Check the N voucher and verify the tax corrections.