We are a Canadian company that just went live and are finding rounding errors between the GST calculated in Acumatica vs the vendor invoice. The tax is setup as a VAT tax and is set to calculate at the line item level.
Is there any way to increase the rounding precision of the VAT calculation in Acumatica to eliminate these differences or does someone have a strategy in dealing with these differences.
Best answer by meganfriesen37
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+10
Hey there to a fellow Canadian :)
Some companies will do document level taxes and others do line level taxes which can result in slight discrepancies between what Acumatica calculates when you enter a bill and what the actual bill from the Vendor states. Since you’ll want to pay the vendor the correct amount (and report correctly to the CRA), if you need to update the taxes on an invoice, go to the taxes tab and then either edit the taxable amount or the tax amount as required to get Acumatica and the Vendor Bill to agree and resolve any variances.
In my sample below, I have $12,345.67 in taxable expenses with 5% GST. Acumatica has calculated 12,962.95 in GST but my Vendor bill is only $12,962.90 ($0.05 less).
Changing the Tax Amount brings the document into balance:
Megan
Thank you for the note and the process as you described it is exactly what we do when we receive and input the invoice.
However once the invoice is input by accounting it goes off for approval to our Project Managers and if they change a line, or add lines, the tax recalculates which then throws the invoice out of balance and because we do not allow our PM’s to override tax amounts or the total invoice amount, they are not able to approve the invoice then.
+10
I haven’t used the Tax Amount Validation settings very much myself, but this may (or may not) help with the tax issues as well: https://help.acumatica.com/(W(3))/Help?ScreenId=ShowWiki&pageid=b945e47c-7c21-4a69-99f2-c3022c28b1fe.
In the scenario you mentioned above, because of the restrictions on the user roles, it may require the document to go back through AP to be corrected. However, if you added the tax amount validation field above and had both the Document Control Total and the Tax Control Total fields locked for the project manager users, then you could possible allow them to edit the taxes tab.
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