Can product pricing be set up to be VAT inclusive instead of having VAT added on to the product selling price?
In many places the end customer selling price is stated as a round number. In order to get to that number if you have VAT as an add-on, the list selling price has to be computed to several decimal places.
For our example, we sell for 650. In order to get that to work out with 17% VAT we would have to price our product at 555.56. Times 17% equals 94.45, which ends up at 650.01.
How do I set it up to go the other way â€“ i.e. price is 650 (VAT included), then have system work out which portion goes to VAT and which to Income?
Allan W. Kaplan
Chief Financial Officer
Euclid Systems Corporation
2776 Towerview Road, Herndon VA 20171
(o) 703 471 7145 x451