Period closing and VAT payment

VAT account reset at the end of the quarter report

At the end of the period, the VAT account balance will be charged to the Due VAT account (or to the Treasury VAT account).

VAT account card before charging the period balance to the Due VAT account

Transaction for charging the quarter balance to the Due VAT account

VAT account card after charging the period balance to the Due VAT account

 

VAT payment

The Due VAT account (or the Treasury VAT account) will have a zero balance when you pay the due VAT.
With this system you can control your balance each quarter and in case of mistakes you can find in which period the balance does not correspond any more.

Due VAT account card after quarter payment

Note: the VAT payment process we just explained refers to the Swiss effective VAT payment method and the Swiss flat rate payment method with VAT separation.
If you use the Swiss flat rate payment methos without VAT separation, you can find specific information on the VAT payment and accounting assestment page (available only in Italian, German or French).
 

How to register a credit note (Switzerland)

If at the end of a period, when calculating the VAT report, the previous VAT is bigger than the due VAT, your VAT report has a Debit balance.

In order to charge the VAT report account you need to enter a transaction as follows:

  • put in Debit A/C the Due VAT account
  • put in Credit A/C the VAT report account

Usually in Switzerland the VAT credit is reimbursed, without having to move the credit to the following period.

When your VAT is reimbursed you need to enter a transaction as follows:

  • put in Debit A/C your equity account
  • put in Credit A/C your Due VAT account (where the balance should go to zero)

 

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