How to: Enter Opening Balances for Input VAT and Output VAT
You can enter the opening balances for input VAT and output VAT in the VAT opening journal. For more information, see VAT Opening Journal.
The following procedure describes how to enter opening balances for input VAT, but the same steps also apply to entering opening balances for output VAT.
To enter opening balances for input VAT
In the Search box, enter VAT Opening Journal, and then choose the related link.
Fill in the required fields as described in the following table.
Field Description Batch Name
The VAT opening journal batch name.
Transaction Type
Specify Purchase to indicate the transaction type. For output VAT, specify Sale to indicate the transaction type.
Document No.
The document number for the transaction.
Posting Date
The posting date for the VAT opening transaction.
Type
Specify Item for the transaction that has been posted.
Item Ledger Entry No.
The entry number for the item ledger entry that is linked to the transaction. If you want to enter the opening balance of the input VAT for the item, then enter the opening balance of the item in the item journal. After you enter a number in this field, the No., Location Code, Quantity, Unit Price, and Tax% fields are updated.
Source No.
The vendor source number for the input VAT.
Amount
The tax base amount for calculating the VAT. This field is calculated based on the values in the Quantity and the Unit Price fields. This field is updated automatically when you select the Item Ledger Entry No. field.
Location Code
The location code for the vendor.
Non ITC Claimable Usage %
The percentage rate for non-ITC-claimable usage. If you want to allocate non-claimable VAT for the item, then you must enter a percentage in this field.
On the Navigate tab, in the Post group, choose Post.
Choose OK.
See Also
Tasks
How to: Set Up VAT Opening
How to: Enter Opening Balances for VAT Deferment
Concepts
VAT Overview
VAT Opening Overview