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    Saudi Arabia Income and Expense Accounting (with VAT)

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    Income & Expense Accounting with vat/sales tax
    Business

    Income and expenses accounting for keeping track of the VAT transactions and printing a VAT Report for Saudi Arabia. Comes with transactions examples.

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    Saudi Arabia Small Company

    Basic Currency: SAR

    Income & Expense accounting 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  
      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  
    2991   Profit/Loss for the period 2 1
    2   TOTAL LIABILITIES 00 1
             
    00   Net Capital    
             
        PROFIT & LOSS STATEMENT    
             
             
        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: Categories
    Group Category Description Sum In Gr1
        REVENUE    
      3000 Earnings from own products 3  
      3010 Sales to Private Healthcare 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 C  
            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 C 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 C 1
             
    C   TOTAL EXPENSES 02 1
             
    02   Profit & Loss   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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