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Multi currency-accounting for enterprise in United Arab Emirates with VAT (account names)
UAE (United Arab Emirates)
Double-Entry Accounting with vat/sales tax and foreign currencies
Business
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Company XX
Basic Currency: AED
Double-entry with foreign currencies and VAT/Sales tax
Group | Account | Description | Currency | Sum In |
---|---|---|---|---|
BALANCE SHEET | ||||
Assets | ||||
Cash | Cash | AED | Assets | |
Bank AED | Bank Account AED | AED | Assets | |
Bank EUR | Bank Account EUR | EUR | Assets | |
Bank USD | Bank Account USD | USD | Assets | |
Customers | Customers' register | Assets | ||
Inventory | Inventory | AED | Assets | |
Office furniture | Office furniture | AED | Assets | |
Computer | Computer | AED | Assets | |
Software | Software | AED | Assets | |
Car | Car | AED | Assets | |
Assets | Total Assets | 00 | ||
Liabilities | ||||
Suppliers | Suppliers' register | Liabilities | ||
Visa | Credit card loan | AED | Liabilities | |
Loan | Bank loan | AED | Liabilities | |
VAT due | VAT due | AED | Liabilities | |
VAT | Automaticly calculated VAT | AED | Liabilities | |
Capital | Capital | AED | Liabilities | |
Profit or Loss brought forward | Profit or Loss brought forward | AED | Liabilities | |
Profit or Loss of the current year | Profit or Loss of the current year | Liabilities | ||
Liabilities | Total Liabilities | 00 | ||
PROFIT/LOSS STATEMENT | ||||
REVENUES | ||||
Sales | Income from sales | AED | Revenues | |
Services | Income from services | AED | Revenues | |
Miscellaneous income | Miscellaneous cash receipts | AED | Revenues | |
Interest income | Interest income | AED | Revenues | |
Profit on Foreign Exchange | Profit on Foreign Exchange | AED | Revenues | |
Revenues | TOTAL REVENUES | Result | ||
EXPENSES | Expenses | |||
Product costs | Direct product/service costs | AED | Expenses | |
Salaries | Salaries direct | AED | Expenses | |
Pension Fund | Pension fund | AED | Expenses | |
Advertising | Advertising and promotion | AED | Expenses | |
Automobile | Automobile/Transportation | AED | Expenses | |
Bank charges | Bank service charges | AED | Expenses | |
Interest on Bank Loan | Interest on bank loan | AED | Expenses | |
Licenses | Business licenses and permits | AED | Expenses | |
Charity | Charitable contributions | AED | Expenses | |
Internet | Internet | AED | Expenses | |
Education | Continuing education | AED | Expenses | |
Subscriptions | Dues and subscriptions | AED | Expenses | |
Insurance | Insurance | AED | Expenses | |
Meals | Meals and entertainment | AED | Expenses | |
Merchant fees | Merchant account fees | AED | Expenses | |
Office supplies | Office supplies | AED | Expenses | |
Postage | Postage and delivery | AED | Expenses | |
Printing | Printing and reproduction | AED | Expenses | |
Legal services | Professional and Legal services | AED | Expenses | |
Rent | Rental payments | AED | Expenses | |
Electricity | Electricity | AED | Expenses | |
Subcontractor | Subcontractor | AED | Expenses | |
Telephone | Telephone, Fax | AED | Expenses | |
Travel | Travel | AED | Expenses | |
Utilities | Utilities | AED | Expenses | |
Website | Website development | AED | Expenses | |
Other costs | Other costs | AED | Expenses | |
Interest expense | Interest expense | AED | Expenses | |
Tax expense | Tax expense | AED | Expenses | |
Loss on Foreign Exchange | Loss on Foreign Exchange | AED | Expenses | |
Expenses | TOTAL EXPENSES | Result | ||
Result | OPERATING RESULT | Profit or Loss of the current year | ||
00 | Difference should be = 0 (blank cell) | |||
CUSTOMERS/SUPPLIERS REGISTER | ||||
Customers | ||||
C-RED | Redford Inc | AED | TOTC | |
C-SMI | John Smith | AED | TOTC | |
C-BLA | Simon Black | AED | TOTC | |
TOTC | Total Customers | Customers | ||
Suppliers | ||||
S-JOH | Johnson Inc | AED | TOTS | |
S-MAR | Marble Inc | AED | TOTS | |
S-TAY | Mary Taylor | AED | TOTS | |
TOTS | Total Suppliers | Suppliers |
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 |
Ref.Currency | Currency | Text |
---|---|---|
AED | EUR | Euro |
AED | USD | US Dollars |
AED | CNY | Chinese Yuan |