If invoices are processed directly from the General Ledger section, the VAT amount of documents from other sections may not have been calculated separately. Manual calculation and processing of these totals is a time consuming transaction. Once the Slip Type is selected on the Invoice Entry window, and Amount Incl. VAT and VAT Rate are specified, the LOGO application calculates the VAT amount and total amount according to specified information, and records them under the specified accounts. This option is available only in the right mouse button menu of Journal Slip lines.
The slip type field contains Purchase Invoice and Sales Invoice options.
Information regarding the transaction is recorded on the lines. VAT rates specified on the Finance Parameters located in the Definitions menu of the Administration section are transferred as default into the VAT % field, and can be changed if necessary. The invoice amount (VAT included) is recorded on the Amount Inc. VAT field. In this case, the Amount Exc. VAT and the VAT Amount are automatically calculated by the application.
When related accounts are specified and the record is saved, invoice information is transferred into the G/L slip.
Journal Slip is selected as the slip type in transfer transactions. Account Balance (monthly) and Account Balance (general) options located in the right mouse button menu are used to equalize the monthly balance of the account, and to transfer the current account into the slip respectively.
If the result of the balance equalization transaction is a credit balance, the data is transferred into the Debit column of the Journal Slip; if the result is a debit balance, the data is transferred into the Credit column of the Journal Slip.