Automatic posting of VAT

By using the function called Automatic posting of VAT you can get an automatic posting of VAT when you record vouchers relating to purchases and sales subject to VAT. For example, this could be receipts and invoices which have already been paid, and do not have to be registered as invoices in the accounts payable. When you post the voucher, you can choose whether the posting refers to the net or gross amount. When posting the net amount, the system automatically adds the VAT amount on a separate posting row. When posting the gross amount, the system re-allocates the posted amount so that the net amount is retained on the posting row, and the VAT amount is posted on a separate row.

Requirements

In order for automatic posting of VAT to take place, the account must be of the VAT type Sales account or Purchase account. In addition, the transaction must be linked to a VAT code which is subject to VAT. If the data for the VAT report is obtained from the VAT code in the general ledger transactions, the VAT posting follows the VAT code entered on the row. If the data for the VAT report is obtained from the VAT code in the chart of accounts, the VAT posting follows the VAT code entered for the account in the chart of accounts. By using the system setting called Automatic posting of VAT on voucher registration, you can select the default setting for automatic posting of VAT.