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Today we take a break from our basic accounting concepts to clarify some common questions received Gazelle Circle.
When it comes to sales or purchases of our company, we at the borders of countries, we must take forward our company and many times the domestic market makes us small, that is why many customers Gazelle Circle pose problems of how account for intra-community purchases with Britain, but could serve this clarification for other countries with currencies other than the Euro.
intra actually a purchase in the UK to a English company is not subject to VAT (although there are exceptions to clarify in future issues to be discussed), therefore, one should take a seat intra-provider spending. The amount would be in euros, so we have to look at the current exchange rate and apply it. Anyway
intra purchases should be reflected in the book of incoming invoices with VAT zero.
The seat would be so, although each program is different in this accounting treatment,
--------------------------------
---------------------- 6. expenditure account 41. Intracom provider (For the amount in Euros) ------------------------------------------

------------ 472. Iva sop. Intracom to 477. Iva rep. Intracom (For the 16% tax of the amount above)
-------------------------------------- ----------------
The VAT is neutralized, it is reversed, but this is reflected in the book of invoices.
At the time of payment to the supplier, is a day other than the date of the invoice, you probably have a different exchange, so the difference will go to exchange gains or negative.
A trick!: wait to post the invoice with the same change of date of payment.
retake our concepts in brief basic, when we hope to have clarified this issue.
you soon.