VAT Account Resolution

Input VAT Clearing

Inventory Receipt Post

Accounts Payable Post

This account is used to temporarily store accounts payable VAT amounts for the period of time after inventory receipts are posted and before accounts payable reconciliation has occurred.

Inventory Receipt Post (VAT only): A/P Clearing (Cr) = Input VAT Clearing (Dr)

Inventory Receipt Post (VAT and Inventory): A/P Clearing (Cr) = Input VAT Clearing (Dr) + Inventory (Dr)

Accounts Payable Post (No VAT variance): Input VAT Clearing (Cr) = Input VAT (Dr)

Accounts Payable Post (VAT variance): A/P Clearing (Dr) + Input VAT (Dr) = A/P (Cr) + Input VAT Clearing (Cr)

Input VAT

Accounts Payable Post

This account is used to store accounts payable VAT amounts that you pay your suppliers.

Accounts Payable Post (No VAT variance): Input VAT Clearing (Cr) = Input VAT (Dr)

Accounts Payable Post (VAT variance): A/P Clearing (Dr) + Input VAT (Dr) = A/P (Cr) + Input VAT Clearing (Cr)

Accounts Payable Post (standalone voucher): Input VAT (Dr) + Expense (Dr) = Accounts Payable (Cr)

Input VAT Write-off

Accounts Payable Post

This account is used to store write-off amounts for accounts payable VAT amounts. You can set up VAT status codes to post VAT amounts to this account. For more information, see VAT Status Maintenance.

Accounts Payable Post (No VAT variance): Input VAT Clearing (Cr) = Input VAT Write-off (Dr)

Input VAT Pending

Accounts Payable Post

This account is used to store VAT amounts for pending status vouchers.

Input VAT Pending (Dr) + Expense (Dr) = Accounts Payable (Cr)

Note The Input VAT Pending account may also be credited or debited if the voucher status is changed and the voucher is posted.

Output VAT

Invoice Post

This account is used to store accounts receivable VAT amounts that you receive from customers.

Output VAT (Cr) + Sales (Cr) = Accounts Receivable (Dr).

Output VAT Variance

This account is not currently used and is slated for functionality in a future release.