How to Set Up Deferred VAT Posting Account per VAT Code




The default Posting Account for the Deferred VAT (Input and Output) is set up in Default Interface Accounts.

 

 

 

 

If multiple Posting Accounts (in COA) are maintained per VAT Code for the Deferred VAT, this is set up under the VAT module. On the navigation pane, go to VAT > VAT Codes.

 

 

 

Click the Search button to view the list of existing VAT Codes. Click New if adding a new one.

 

To set the Deferred VAT Posting Account for a specific VAT Code, double-click that VAT Code (e.g. SR-PCG).

 

Please note that Deferred VAT function is only applicable to Standard-Rated VAT.

 

 

 

In the Deferred VAT Posting Account field, click the drop-down button then find and select the specific Posting Account (e.g. 110-0000 - DEFERRED INPUT VAT - CAPITAL GOODS) for the VAT Code ‘SR-PCG’ and click the Save button.

 

 

In our scenario here, we have a Deferred Input VAT Posting Account (109-0000) set up in the Default Interface Accounts and we have also set up a different Deferred Posting Account (110-0000) for the ‘SR-PCG’ VAT Code. The system will follow what is set up in the Default Interface Accounts for all other Input VAT Codes while for the ‘SR-PCG’ the system will follow what is set up specific to this VAT Code.

 


NOTE:



For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://qnesupportph.freshdesk.com