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      Posting VAT on Sales

      The following fields have been added to the VAT Posting Setup window (ID 472):

      Field Description
      Trans. VAT Type Used to define the rule for extracting VAT.
      Trans. VAT Account Used to specify an account to register the VAT amount from the gain and from the customer's prepayments to be paid to the federal budget.
      Tax Invoice Amount Type Used to select the value of VAT. Depending on the value in this field, VAT entry amounts are used in different columns of the VAT purchase or sales ledgers.

      The above actions are taken for each combination of the Sales VAT Product posting group and Sales VAT posting group.

      In the Trans. VAT Type field, the following options are available:

      • Amount + Tax
      • Amount & Tax

      To account for VAT, choose the Amount + Tax action.

      The following procedure shows how the accounting entries are created.

      1. In the Trans. VAT Account No. field, enter Subaccount 90-3, Gain VAT.
      2. In the Sales VAT Account field, enter Subaccount 68, VAT to Federal Budget.

      The following accounting entries create the different settings.

      Accounting Entries Settings
      Amount + Tax Debit 62 Payables and Receivables - Credit 90-1 Gain and Sales Amount Including VAT Debit 90-3 Gain VAT Credit 68 VAT to Federal Budget Sales VAT Amount
      Amount & Tax Debit 62 Payables and Receivables Credit 90-1 Gain Amount Excluding VAT Debit 62 Payables and Receivables Credit 90-3 Gain VAT Sales VAT Amount Debit 90-3 Gain VAT Credit 68 VAT to Budget Sales VAT amount
      Debit 62 Payables and Receivables Credit 90-1 Gain Amount Excluding VAT Debit 62 Payables and Receivables Credit 68 VAT to Budget Sales VAT Amount

      Trans. VAT Account Field

      In the Trans. VAT Account field, enter Subaccount 90-3 Gain VAT or Subaccount 62 Prepayment VAT. If this field is blank, the postings use the account from the Customer posting groups from the Receivables Account field.

      See Also

      VAT Ledgers

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