Setting Up Codes for Import VAT

You use the import VAT feature in the program when you need to post a document where the entire amount must be treated as VAT. This is necessary if you receive a VAT invoice from the tax authorities for imported goods.

To Set Up Codes for Import VAT:

  1. Open the VAT Product Posting Groups window. Set up a new VAT posting group for import VAT.

  2. Open the VAT Posting Setup window. Set up a new line. You may use any of your existing VAT business posting groups in combination with the new VAT product posting group for import VAT.

  3. In the VAT Calculation Type field, click the AssistButton , and then select the option Full VAT.

  4. In the Purchase VAT Account field, enter the G/L account to be used for posting import VAT. You do not have to enter any other G/L accounts on the line.

Related Topics

Posting Import VAT

Setting up VAT


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