How to register VAT according to the Cash principle (collected)

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Entities who are subject to process the VAT on a cash basis, may register the costs and revenues at the time of payment and collection, without necessarily registering the invoices of customers and suppliers.

If the need to manage a customers and suppliers register with VAT on the cashed amount arises, refer to the information page on the Customers and Suppliers with VAT, using the cash principle.

For collection:

  • Enter the date, the document number and possibly the invoice number.
  • Enter the description.
  • Enter a liquidity account as Debit and a revenue account as a Credit account.
  • Enter the gross amount (including VAT).
  • Enter the appropriate VAT code.
    The program will remove the VAT from the revenue and automatically transfer the VAT amount to the 2201 account, report.

For payment:

  • Record the date, the number of document.
  • Enter the description.
  • Enter a cost account as Debit and a liquidity account as a Credit account.
  • Enter the gross amount (including VAT).
  • Enter the appropriate VAT code.
    The program will remove the VAT from the cost and automatically transfer the VAT amount to the 2201 account, report.

 

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