FrontAccounting forum — VAT Payment and Repayment

Re: VAT Payment and Repayment

null@example.com (abatonime) — Mon, 09 Jul 2018 18:24:07 +0000

kvvaradha wrote:

i guess it would be like this
For VAT Payment
Debit Credit
VAT account COA XXXXXX
Bank Account XXXXXXX
For VAT Repayment
Debit Credit
VAT account COA XXXXXX
Bank Account XXXXXXX
I hope it helps.

That's what I am doing but it seems to be wrong because FA is showing this amount in Tax Inquiry for the period.

Re: VAT Payment and Repayment

null@example.com (apmuthu) — Sat, 07 Jul 2018 18:51:55 +0000

Check the for Sales Return and De-Allocation

Re: VAT Payment and Repayment

null@example.com (kvvaradha) — Sat, 07 Jul 2018 09:37:28 +0000

i guess it would be like this

For VAT Payment
Debit Credit
VAT account COA XXXXXX
Bank Account XXXXXXX

For VAT Repayment

Debit Credit
VAT account COA XXXXXX
Bank Account XXXXXXX

I hope it helps.

Re: VAT Payment and Repayment

null@example.com (joe) — Sat, 07 Jul 2018 06:26:53 +0000

I guess that I have left a tips on the wiki, however this is an accounting issue, so best ask your local auditor.

Joe

Re: VAT Payment and Repayment

null@example.com (apmuthu) — Sat, 07 Jul 2018 04:21:57 +0000

Treat the VAT Office as a supplier/vendor (even though citizens who do not get their taxes worth are entitled to consider them dacoits selling thin air ). Make each VAT claim a supplier's invoice. Make each re-payment from the VAT Office as a Debit Note first and then fulfilled by their re-payment by allocation.

@joe: any SOP for it?

VAT Payment and Repayment

null@example.com (abatonime) — Fri, 06 Jul 2018 11:52:45 +0000

Hi,

I am in Ireland.

When I receive a VAT repayment from the Tax office, I put it in Front Accounting as a Journal entry. I Debit the bank account and Credit the VAT account.

It seems to be wrong because FA is showing up this amount in Tax Inquiry.

What is the correct way to put VAT Payment and Repayment to/from the Tax office into FA?