Excise Currency Rates

This form stores customs and excise exchange rates separately from the regular exchange rates. The system uses these customs and excise exchange rates when performing VAT tax calculations for domestic customers who are invoiced with a non-domestic currency.

You trigger the use of these rates by selecting the Excs Exch check box on these forms:

Customer Orders form, Tax Info tab
Estimates form, Amounts tab
Invoices, Debit and Credit Memos form

Note: The Excs Exch check box is not active unless the Two Exchange Rates check box is selected on the Tax Parameters form.

When the Excs Exch check box is selected, the VAT amount is multiplied by the ratio of the regular selling exchange rate over the customs and excise selling exchange rate.

Prior to posting to the General Ledger or reporting VAT amounts in the tax records, the system converts the Tax Amount field to domestic currency by dividing it by the Invoice Exchange Rate. The net result is as if the Customs and Excise Rate was used.

If the special rate has not been entered, the system displays an error message and does not post the transaction.