Posting Import VAT with a Purchase Invoice

Instead of using a general journal to post an import VAT invoice, you can use a purchase invoice. To do so, you must perform the following set up procedures:

  1. Set up a Vendor Card for the import authority that sends you the import VAT invoice. The Gen. Bus. Posting Group and VAT Bus. Posting Group must be set up the same as the G/L account for the import VAT.

  2. Create a Gen. Product Posting Group for the import VAT and set up an import VAT Def. VAT Product Posting Group for the related Gen. Product Posting Group.

  3. Open the G/L Account Card window and locate the import VAT G/L account.

  4. On the Posting tab, select the VAT Gen. Prod. Posting Group setup for import VAT. The program should automatically fill in the VAT Prod. Posting Group.

  5. Open the General Posting Setup window, create a combination of the Gen. Bus. Posting Group for the VAT authority and the Gen. Prod. Posting Group for import VAT. For this new combination, in the Purchase Account field, select the import VAT G/L account.

Once you have completed the set up, create a new invoice for the import authority vendor:

  1. Open the Purchase Invoice window.

  2. Press F3 and then Enter to assign the next available number in the No. Series.

  3. In the Buy-from Vendor No. field, click the AssistButton and select the import authority vendor.

  4. Click OK.

  5. In the purchase line, in the Type field select G/L Account and in the No. field, click the AssistButton and select the import VAT G/L account.

  6. In the Quantity field, press 1.

  7. In the Direct Unit Cost Excl. VAT field, type the VAT amount.

  8. Press Posting, Post.

Related Topics

Posting Import VAT

Viewing VAT Entries


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