EAP: Incorrect VAT Amount In Reporting Currency When Using Indirect Rate Quotation
Last updated on MARCH 08, 2018
Applies to:PeopleSoft Enterprise FIN Payables - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
On the Currency Quotation Method page, when Rate Quotation is set to Indirect, the Total VAT Amount is wrongly calculated on the VAT Reporting Currency Amounts page of the Voucher created with VAT in foreign currency.
1. Set currency quotation to direct
2. Create voucher with VAT in foreign currency
3. Click VAT Summary then Transfer to VAT Header then under the VAT controls, click the Enter Reporting amounts hyper-link
4. Enter 460.73: Total VAT in reporting currency comes as 186.12 and Exchange Rate as 0.658 as expected
5. Change the Rate direction at Currency Quotation to Indirect
6. click the Enter Reporting amounts hyper-link on the Voucher and enter 460.73
Total VAT in reporting currency comes as 80.63 and Exchange Rate as 0.658 which is incorrect.
Even when currency quotation is set to Indirect, still expect to get the same results as it was set to direct, that is Total VAT in reporting currency = 186.12 and Exchange Rate = 0.658 when enter Total VAT Applicable Amount = 460.73
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