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Double entry accounting for Saudi Arabia (With VAT)

Other countries
Double-Entry Accounting with vat/sales tax
Business

Double entry accounting for keeping track of the VAT transactions and printing a VAT Report for Saudi Arabia.

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Saudi Arabia Company Ltd

Basic Currency: SAR

Double-entry with VAT/Sales tax

Table: Accounts
Group Description Sum In Gr1
         
    BALANCE SHEET    
         
    ASSETS    
  1000 Cash on hand 1  
  1010 Post office current account 1  
  1020 Bank account 1  
  1090 Internal transfers 1  
         
110   Total Clients CHF 1 1
  1170 Recoverable VAT 1  
         
  1200 Goods for resale 1  
         
  1300 Prepaid expenses 1  
  1301 Accrued income 1  
         
  1500 Machinery 1  
  1510 Office equipment 1  
  1512 Store fixture 1  
  1520 Office machinery 1  
  1521 IT Hardware 1  
  1526 Software 1  
  1530 Motor vehicles 1  
  1600 Commercial buildings 1  
  1610 Industrial buildings 1  
1   TOTAL ASSETS 00 1
         
         
    LIABILITIES    
200   Suppliers or Creditors 2 1
  2100 Total Suppliers CHF 2  
  2170 Due to banks short-term 2  
  2200A Automatic VAT 2  
  2200 VAT payable 2  
  2201 Automatic VAT Account 2  
  2202 VAT temporary reverse charge 2  
  2300 Accrued expenses 2  
  2400 Due to banks long-term 2  
  2800 Share capital 2  
  2850 Private account 2  
  2900 Legal reserves 2  
  2990 Profit (Loss) carried forward 2  
2991   Profit/Loss for the period 2 1
2   TOTAL LIABILITIES 00 1
         
         
    PROFIT & LOSS STATEMENT    
         
    REVENUE    
  3000 Earnings from own products 3  
  3090 Discounts on production 3  
  3200 Earnings from resale 3  
  3290 Discounts on resale 3  
  3400 Earnings from services rendered 3  
  6850 Earned interests 3  
  6892 Exchange rate profit 3  
  7000 Earnings from accessory activity 3  
3   TOTAL REVENUE 02 1
         
    EXPENSES    
    Material, goods and third-party services    
  4000 Raw materials 4  
  4090 Discounts 4  
  4200 Expenses for goods for resale 4  
  4400 Third party expenses 4  
4   Total Material, goods and third-party services 4-5-6  
        1
    Expenses for personnel    
  5000 Salaries production 5  
  5700 Contribution to old age insurance and unemployment 5  
  5720 Contribution to pension funds 5  
  5730 Contribution to accident insurance 5  
  5740 Contribution to voluntary daily benefits insurance 5  
  5790 Imposta alla fonte 5  
  5820 Travel and entertainment expenses effective 5  
  5830 Travel and entertainment expense allowance 5  
  5880 Other personal expenses 5  
  5900 Temporary staff 5  
5   Total expenses for personnel 4-5-6 1
         
    General expenses    
  6000 Rental 6  
  6200 Repairs expenses 6  
  6300 Insurance 6  
  6400 Gas, water, electricity 6  
  6500 Office supplies 6  
  6600 Advertising 6  
  6700 Other expenses 6  
  6800 Interest expense bank overdrafts 6  
  6842 Exchange rate loss 6  
  6900 Amortization 6  
  8900 Taxes 6  
6   Total General expenses 4-5-6 1
         
4-5-6   TOTAL EXPENSES 02 1
         
02   Profit(-)/Loss(+) for Profit & Loss Statement 2991 1
         
00   Difference should be = 0 (blank cell)    
         
         
    Customers/Debtors    
  11.001 Customer A 110A  
  11.002 Customer B 110A  
  11.003 Customer C 110A  
  11.004 Customer D 110A  
  11.005 Customer E 110A  
110A   Total Customers 110 1
         
         
    Suppliers/Creditors    
  20.001 Supplier A 200A  
  20.002 Supplier B 200A  
  20.003 Supplier C 200A  
  20.004 Supplier D 200A  
  20.005 Supplier E 200A  
200A   Total Suppliers 200 1
         
         
Table: VAT codes
VAT Code Description %VAT
  Explanations VAT Codes  
  Initial Char  
  1= Output VAT (Sales)  
  5= Input VAT (Purchases)  
  9=Correction VAT Previous Period  
  Second part  
  5 = 5% rate  
  0 = 0% rate  
     
  VAT codes information (do not modify)  
  id=vatcodes-sa-2019.0  
  Last update: 2019-01-07  
     
  VAT Due  
15 Standard rated sales 5.00
15-1 Reverse charge on Purchase 5.00
10-2 Private Healthcare/ Private Education sales to citizens  
10-3 Zero rated domestic sales  
10-4 Exports  
10-5 Exempt sales  
  Total VAT Due  
     
  Recoverable VAT  
55 Standard rated domestic purchases 5.00
55-8 Imports subject to VAT paid at customs 5.00
55-9 Imports subject to VAT accounted for reverse charge mechanism 5.00
50-10 Zero rated purchases  
50-11 Exempt purchases  
  Total Recoverable VAT  
     
95 Corrections last period 5.00
  Corrections previous period  
  Total VAT payable or VAT credit  
     
     
:ADJ Adjustements are registered with the same VAT code used for the transactions that needs an adjustment  

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