Understanding VAT Reporting in Hungary

You must report VAT for the transactions in which you purchase VAT-taxable goods. The JD Edwards EnterpriseOne system provides a process to generate the reports for VAT in Hungary. You must include in the VAT reports the tax, taxable, nontaxable, and gross amounts in Hungarian forints (HUF). The reclaimable amount that you report cannot exceed the amount shown on your suppliers' invoices.

Invoices that are generated in a foreign currency must also include the amounts in HUF. If your supplier used a different currency exchange rate than the rate that exists in your system, the calculated amounts in HUF that appear on the invoice might be different from the amounts that the system calculates when you enter a voucher for the invoice.

The JD Edwards EnterpriseOne system provides a Hungarian-specific program that you use to review the amounts that the system calculated and saved to the F0411 table. If the amounts that the system calculated differ from the amounts that appear on the supplier's invoice, you can change the exchange rate for the transaction and recalculate the amounts. The system saves the new amounts to the F0411 table and the Hungarian-specific table — the Foreign Vouchers Supplier Amounts table (F74H410).

When you use the Standard Voucher Entry program (P0411) or the Voucher Match program (P4314) to enter voucher amounts in a foreign currency, the system calls the Supplier Amounts for Foreign Vouchers program (P74H410), which displays the voucher amounts that are calculated by the system in both domestic and foreign currency. If necessary, you can change the amounts or the exchange rate so that the amounts saved to the system match the amounts calculated by the supplier. The system saves information for foreign currency transactions to the F74H410 table. The system uses the values in the F74H410 table when you generate VAT reports.

For posted vouchers, you can print the VAT amount differences and automatically generate the journal entries associated with these differences. For posted and unposted vouchers, you can print the differences in the VAT amount that you calculate and the VAT amount that your supplier calculated on invoices in a foreign currency. Using the information in the report, you can manually adjust your ledger entries as needed.