How to: Prepare VAT Entries for Posting

  • Article

You may want to periodically remit the net VAT from sales and purchase transactions to the tax authorities. You can use the VAT Settlement Worksheet to prepare transactions with open VAT amounts for posting and copy the entries to the appropriate VAT settlement journal. This is typically done before you run the Calc. and Post VAT Settlement batch job to post and close VAT entries.

To prepare VAT entries for posting

  1. In the Search box, enter VAT Settlement Worksheet, and then choose the related link.

  2. Select the filters that define the VAT related transactions that you want to include in the VAT settlement.

    Field Description

    Type

    Select the type of transactions that you want to include in the VAT settlement.

    View by

    Select the time period for the VAT settlement.

    View as

    Select how you want to view the net VAT. The options include Net Change and Balance at Date.

  3. Choose Suggest Documents. Transactions with open VAT entries that match the filters that you selected will be displayed.

  4. Review the transactions that are included to ensure accuracy. If necessary, adjust your filter selection.

  5. Choose Copy Lines to Journal.

The entries are copied to the appropriate VAT settlement journals. You can now run the Calc. and Post VAT Settlement batch job to close the VAT entries.

See Also

Other Resources

Calc. and Post VAT Settlement
About Setting Up VAT
How to: Set Up VAT Business Posting Groups
How to: Assign VAT Business Posting Groups to Customer Accounts and Vendor Accounts
How to: Correct VAT
VAT Entry Table