On Mon, 2011-08-08 at 10:15 -0700, Chris Travers wrote: > On Mon, Aug 8, 2011 at 8:34 AM, lrspares45 <[email protected]> wrote:
> > Ok. What goods and services are taxable at what rates are also set by > the country, right? Correct. Some countries (the UK is one) have multiple rates of tax. > > Is this a cash-basis form like the 1099 form in the US? or is it > accrual basis? In other words, if you make the purchase at the end of > one year and pay for it the next year, which year do you report it on? It depends. You can choose to work either on an accrual or a cash basis. Small businesses tend to work on a cash basis, larger ones (like ourselves) work on an accrual basis. When you register for VAT you tell the tax man what accounting system you want to work on. > I ask because in LedgerSMB 1.3 we have the ability to track purchase > items that have to be recorded on a customer or vendor-specific tax > form. Right now the only tax form supported is the US 1099 form, but > the reporting could be modified to provide similar reporting of line > items for other forms. This *might* help. But only if you can choose to report, or not, depending on whether you export or don't. > Ok. I will look at this. One thing I would like to see us focusing > on after 1.3 RC1 is looking at this issue and what needs to be done to > make LedgerSMB better. Yes, VAT handling is really vital for LedgerSMB to be useful in Europe. > Helps a great deal. If you need to know more then just ask. My cousin is a VAT inspector (she partly does our books for us) so we get a lot of free advice. Nigel ------------------------------------------------------------------------------ BlackBerry® DevCon Americas, Oct. 18-20, San Francisco, CA The must-attend event for mobile developers. Connect with experts. Get tools for creating Super Apps. See the latest technologies. Sessions, hands-on labs, demos & much more. Register early & save! http://p.sf.net/sfu/rim-blackberry-1 _______________________________________________ Ledger-smb-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/ledger-smb-users
