Transferring VAT amounts to the settlement account means that the purchase VAT account is credited and the sales VAT account is debited with the amounts calculated for the VAT statement period. The net amount is credited (or debited, if the purchase VAT amount is larger) to the VAT settlement account. You can post the settlement immediately or print a test report first.
Open the VAT Statement window.
Click Functions, Calc. and Post VAT Settlement.
On the VAT Posting Setup tab, you can enter codes in the VAT Bus. Posting Group and VAT Prod. Posting Group fields to select the entries to be processed. (If you do not enter any codes, entries with all business group codes and product group codes are included.)
On the Options tab, specify the conditions for the batch job. For Help about a specific field, click the field and press F1.
After filling in the tabs, click Print to start the batch job.
If you print a test report to obtain approval before posting, you must run the batch job again (and place a check mark in the Post field) to post.
If you calculate VAT on trade with EU countries, you must also prepare a VIES declaration for the tax authorities.
Defining VAT Statements
Printing VAT Statements