In the transactions table I have one field for VAT. I want to show the VAT on sales as well - is it good practice to use the same field for incoming VAT and outgoing VAT - obviously the Amount paid or Amount recd will decide whether the VAT is incoming or outgoing.
Invoicing database handling VAT fields (1 Viewer)
- Thread starter bali3377
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i am not sure exactly what your data encompasses. you need a VAT indicator to give with each line - now this could be either
a) an actual value or
b) a vat percent rate or
c) a numeric indicator identifying a vat rate in another table
and you possibly also need a VAT indicator flag, to differentiate standard adn zero rated items
all of these have different pros and cons
also given that there are often rounding differences - eg, a suppliers VAT calculation may be different from yours then it may be necessary to store both the VAT amount AND the VAt Rate.
a) an actual value or
b) a vat percent rate or
c) a numeric indicator identifying a vat rate in another table
and you possibly also need a VAT indicator flag, to differentiate standard adn zero rated items
all of these have different pros and cons
also given that there are often rounding differences - eg, a suppliers VAT calculation may be different from yours then it may be necessary to store both the VAT amount AND the VAt Rate.
