Applying stamp duty and Excise duty on charges

  • mssavai
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11 years 1 month ago #15012 by mssavai
Dear All,

I am trying to create a version for applying some charge during cheque book issuance. The charge attracts a 10% excise duty, and a specific amount stamp duty tax borne by the bank.

For example: If a customer is to be charged USD 20, total charge reflecting on customer account statement would be

Charge : USD 20
Excise Duty: USD 2
=========
Total : USD 22

On posting, the USD 20 charge should be split in two, USD 17 to be posted as Bank commission, and USD 3 posted so stamp duty. Eventually three accounts are Debited - Bank account, Stamp duty account and Excise Duty account.

I am using AC.CHARGE.REQUEST, where I have tried setting a Charge.code using FT.Commission.Type, and attaching a Tax.code (for excise duty) to it, but this does not incorporate the Stamp duty.

If I create a second Charge.Code for Stamp Duty attached with Tax.Code (So that I split the USD 20 between the two Charge Codes as stated above, which attracts Excise Duty separately), transactions posted to customer statement are too many and confusing.

I think the solution would be to create a routine. I will appreciate if someone has any help guide to this kind of routine or a sample or even an alternative to resolve this issue.

Thanks

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11 years 1 month ago #15013 by mssavai
I still need some guidance on this:

How can I avoid posting split transactions to customer account for the same charge?

Because a simple solution to these charges is to attach Excise Duty on Stamp Duty and on Bank Commission. But this in effect will reflect four transactions on customer account - Bank Commission, Bank Commission Excise Duty, Stamp Duty, Stamp Duty Excise Duty.

A proper solution would be to at least unite the two Excise duties when reflected on customer account statement.

I've attempted writing a subroutine, but I still cant figure out how to post the transaction in the unified manner.

Any observations?

Sincere regards

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3 years 10 months ago #23255 by KChisanga
Replied by KChisanga on topic Applying stamp duty and Excise duty on charges
How are you.Did you find a solution for this.Im trying to do almost the the same thing?

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3 years 10 months ago #23272 by AkiaAI
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3 years 10 months ago - 3 years 10 months ago #23273 by VK
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Last edit: 3 years 10 months ago by VK.

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