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Multi currency-accounting template for enterprise in United Arab Emirates with VAT (account numbers)

UAE (United Arab Emirates)
Double-Entry Accounting with vat/sales tax and foreign currencies
Business

Double entry accounting for keeping track of the VAT transactions and printing a VAT Report for the United Arab Emirates.

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Documentation Modèle

Information specific for United Arab Emirates:

Accounting template features

The template has been setup in order to let you manage a company in United Arab Emirates:

Balance Sheet and Profit & Loss

The Accounts table contains all accounts and groups, structured for balance sheet (BS) and the profit & loss statement (PL).

  • Customize the accounting plan to exactly your needs by changing description, add or remove accounts and groups. 
  • Select the View Basic and enter the opening balance available in the column “Opening”.

The following image shows the Account table, Balances view.

  • The column “Balance AED” is updated automatically when you change the opening amount or you enter transactions in the Transactions table”.

 

Balance sheet

The balance sheet shows your assets and your liabilities. Banana Accounting includes accounts that are usually utilized by SMEs. Nevertheless, you can customize the accounts. Be careful not to modify the accounts related to the VAT reporting. Those are essential to correctly generate the VAT report needed to fill out the online VAT return form in Saudi Arabia.

Profit & loss statement

The profit & loss statement shows the revenues and the expenses incurred by the company. Banana Accounting included accounts usually used by SMEs. Nevertheless, you can customize the accounts when needed.

Clients/suppliers register

After the P&L statement, there is a section where you can assign accounts to specific customers and suppliers. You will use these accounts to register transactions directly related to specific customers or suppliers. Banana also offers the possibility to print invoices from these transactions.

All the accounts in the clients/suppliers register are regrouped under two accounts present in the assets and liabilities.

Double-entry accounting

You will notice that liability and revenue accounts are shown in negative and in red color. This is due to the fact that Banana Accounting fully leans on the concept of double-entry accounting. The principle of “debit and credit” present in the double entry accounting is usually represented in two separate columns. When it appears in a single column, as it happens in the accounts table, it is shown in red and in negative to better distinguish debit accounts from credit accounts.

 

Aperçu du modèle

UAE-Multicurrency-VAT

Basic Currency: AED

Double-entry with foreign currencies and VAT/Sales tax

Table: Accounts
Group Description Currency Sum In
    BALANCE SHEET    
         
    ASSETS    
         
  101001 Trademark AED 101NCA
101NCA   Intangible Non Current Assets   1NCA
  102001 Machineries and appliances AED 102NCA
  102005 Furniture AED 102NCA
  102010 Hardware AED 102NCA
  102015 Software AED 102NCA
102NCA   Tangible Non Current Assets   1NCA
  103001 Security Deposit AED 103NCA
103NCA   Financial Non Current Assets   1NCA
1NCA   Non Current Assets   1
  107001 Inventory AED 107CA
107CA   Inventory   1CA
10   Clients   108CA
  108001 Invoices to be issued AED 108CA
108CA   Trade receivables   1CA
  109001 Advance Payment AED 109CA
  109005 Prepaid Rent AED 109CA
  109010 Prepaid License Fee AED 109CA
  109015 Prepaid Insurance AED 109CA
  109020 Rent Security Deposit AED 109CA
109CA   Other Current Assets   1CA
  110001 input VAT on purchases (box 9) AED 110CA
  110002 - Input VAT - adjustment unpaid suppliers older than 6 month (box 9) AED 110CA
  110005 Input VAT - purchase with reverse charge (box 10) AED 110CA
110CA   Tax Receivable   1CA
  112001 Cash AED 112CA
  112005 Bank AED AED 112CA
  112010 Bank EUR EUR 112CA
  112015 Bank USD USD 112CA
  112016 Bank CNY CNY 112CA
112CA   Cash and cash equivalent   1CA
1CA   Current Assets   1
1   Total ASSETS   00
         
    LIABILITIES    
  201001 Share Capital AED 2SE
  201005 Reseve AED 2SE
  201010 Retained (Profit) or Loss AED 2SE
230   Profit or loss of the current year   2
2SE   Shareholders' Equity   2
  205001 Shareholders' loan - AED AED 205NCL
  201002 Shareholders' loan - EUR EUR 205NCL
  205010 Long term loan AED 205NCL
205NCL   Financial Non Current Liabilities   2NCL
  207001 End of service gratuity AED 207NCL
207NCL   Employee Benefit Provision   2NCL
2NCL   Non Current Liabilities   2
  210001 Bank Loan AED 210CL
210CL   Financial Current Liabilities   2CL
20   Suppliers AED 211CL
  211005 Invoices to be received AED 211CL
211CL   Trade payables   2CL
  212200A Automatic VAT AED 212CL
  212200 VAT payable AED 212CL
  212201 Automatic VAT Account AED 212CL
  212202 VAT temporary reverse charge AED 212CL
212CL   Tax liabilities   2CL
  213001 Payables vs personnel AED 213CL
  213015 Accruals AED AED 213CL
  213020 Other current liabilities AED 213CL
213CL   Other Current Liabilities   2CL
2CL   Current Liabilities   2
2   Total LIABILITIES & EQUITY   00
         
         
    PROFIT/LOSS STATEMENT    
         
    EXPENSES    
         
  301001 Variation of inventories AED 301MA
  301005 Purchase of materials AED 301MA
  301015 Duty and freight AED 301MA
301MA   Material   3OC
  302001 Licenses AED 302SE
  302005 Administrative costs AED 302SE
  302010 Professioanal consultancies AED 302SE
  302015 Legal fee AED 302SE
  302020 Accounting services AED 302SE
  302025 Audit fee AED 302SE
  302030 Utilities AED 302SE
  302035 Maintenance and repairs AED 302SE
  302040 IT services AED 302SE
  302045 Office rent AED 302SE
  302050 Travel expenses AED 302SE
  302055 Marketing expenses AED 302SE
  302060 Insurance AED 302SE
302SE   Services Rental and Lease   3OC
  303001 Salary AED 303PE
  303005 End of service AED 303PE
  303010 Health insurance AED 303PE
  303015 VISA AED 303PE
  303020 Other personnel cost AED 303PE
303PE   Personnel   3OC
  304001 Amort machineries and appliances AED 304AM
  304005 Amort furniture AED 304AM
  304010 Amort hardware AED 304AM
304AM   Amortisation   3OC
  305001 provision for doubtful accounts AED 305OT
  305015 other provision AED 305OT
  305020 Negative adjustments AED 305OT
305OT   Other costs   3OC
3OC   Operating costs   3
  306001 Bank interest payable AED 3FC
  306005 Foreign currency losses AED 3FC
3FC   Finance Costs   3
3   Total EXPENSES   02
         
    REVENUE    
  401001 Sales AED 401EI
401EI   External Incomes   4OI
  402001 Services Intragroup AED 402II
402II   Intragroup Incomes   4OI
  403001 Positive adjustments AED 403OI
  403005 Ohter Incomes AED 403OI
403OI   Other Incomes   4OI
4OI   Operating revenues   4
  404001 Bank interest receivable AED 4FI
  404005 Foreigh currency profit AED 4FI
4FI   Finance Income   4
4   Total REVENUE   02
         
02   Profit(-) Loss(+) from Profit & Loss Statement   230
         
00   Difference should be = 0 (blank cell)    
         
         
    Customers/Debtors    
  11.001 Altmann&Sons AED 10A
  11.002 Peter&Co. AED 10A
  11.003 MC AED 10A
  11.004 JDWater AED 10A
  11.005 RossiCostruzioni AED 10A
10A   Total Customers   10
         
         
    Suppliers/Creditors    
  20.001 Smith&Co AED 20A
  20.002 Doe&Sons AED 20A
  20.003 BosiaSoftware AED 20A
20A   Total Suppliers   20
Table: VAT codes
VAT Code Description %VAT
  Output VAT - VAT due  
     
OSR1 Sales at 5% standard rate Abu Dhabi (Box 1a) 5.00
OSR2 Sales at 5% standard rate Dubai (Box 1b) 5.00
OSR3 Sales at 5% standard rate Sharjah (Box 1c) 5.00
OSR4 Sales at 5% standard rate Ajman (Box 1d) 5.00
OSR5 Sales at 5% standard rate Umm Al Quwain (Box 1e) 5.00
OSR6 Sales at 5% standard rate Ras Al Khaimah (Box 1f) 5.00
OSR7 Sales at 5% standard rate Fujairah (Box 1g) 5.00
OSTS Tax refunds provided to turists  
ORCS Purchase of services with reverse charge - OUTPUT VAT - (Box 3) 5.00
OZR Sales Zero Rated (Box 4)  
OEX Sales Exempt (Box 5)  
ORCI Import of goods with reverse charge - OUTPUT VAT calculated by UAE Custom - (Box 6) 5.00
ORCA Adjustment values calculated by Custom on import of goods - (Box 7) 5.00
     
OOS Sales Out of Scope  
OIG Sales to registered customers in other GCC implementing state (no UAE VAT)  
     
     
  Input VAT - VAT recoverable  
     
ISR Purchases at 5% standard rate (Box 9) 5.00
IRC Purchases of goods and services with reverse charge - INPUT VAT - (Box 10) 5.00
     
IZR Purchases Zero Rated  
IEX Purchases Exempt  
IOS Purchases Out of Scope  
     
  TOTAL  
     
     
  : ADJ - adjustements are registered with the same VAT code used for the transactions that needs an adjustment  
Table: Exchange rates
Ref.Currency Currency Text
AED EUR Euro
AED USD US Dollars
AED CNY Chinese Yuan

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