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how to process the VAT declaration and its payment

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Posted on by igrzyb

VAT declaration is processed manually out off the system. How to process the VAT declaration (document coming from VAT authority) and its payment? Should be via supplier ledger? or GL journal? How to set up the Supplier if the case?

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Ludwig Reinhard Microsoft Employee on at

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RE: how to process the VAT declaration and its payment

Hi,

I don't see the necessity to post this document.

You can create a record attachment in your system if you like.

However, when it comes to posting of the payment, the system has a specific process for that.

You can find this process here:

docs.microsoft.com/.../create-sales-tax-payment

What the system does when you execute the process is that it clears the sales tax account and shifts the balance to be paid to a vendor account (or clearing account).

The balance posted to this account must match what you receive from your government.

If it does not then there is something wrong with your recorded tax transactions in the system and you have to investigate what went wrong.

If everything matches then you can execute the payment and thereby clear the account to which the sales tax balance was posted to.

Does that standard process make sense to you?

Best regards,

Ludwig
igrzyb 5 on at

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RE: how to process the VAT declaration and its payment

Hi Ludwig there are few countries: UK, IE, Belgium, Netherlands, Luxembourg. And I do not need the declaration from the system. I am receiving the declaration from Tax authority and I wish to pay. How to register this document?
Ludwig Reinhard Microsoft Employee on at

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RE: how to process the VAT declaration and its payment

Hi igrzyb,

For which country do you need this declaration and in which form?

Can you provide us some more details?

Many thanks,

Ludwig