How to setup Deferred VAT Posting Account per VAT Code

Modified on Wed, 21 Dec 2022 at 09:07 AM

How to set up Deferred VAT Posting Account per VAT Code


Overview:


The Default Posting Account for the Deferred VAT (Input and Output) can be set in the Default Interface Accounts, and it will apply to all VAT Codes.



If multiple Posting Accounts (in Chart of Accounts) are maintained for the Deferred VAT, the setup will be done under Tax Module


Procedure:


1. In Navigation Pane, go to Tax > Tax Codes


2. In VAT Code list view, click Code to open. For Example: SR-PCG


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




3. To assign Posting Account, drop-down Deferred VAT Posting Account field and select GL Account


For Example: 109-0000: DEFERRED INPUT VAT


4. Once done, click Save or Save and Close.


Application:


Deferred Posting Account of specific VAT Code (For Example: SR-PCG) is used as a Posting Account of Deferred VAT.





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



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