Use this tab of the form to select default GL accounts for the Taxes module.
Default GL accounts. The Taxes tab
In the VAT Tax Type field, select the type of tax to be used in tourist tax refund scheme.
You use the Current VAT Receivable field to select the account intended for recording the current VAT receivable amounts.
You use the Current VAT Payable field to select the account for recording the current VAT payable amounts.
In the VAT Accrued on Prepayments Issued field, you select the account which will accrue the VAT amounts calculated on prepayments paid to suppliers.
Using the VAT Accrued on Prepayments Received field, you select the account which will accrue the VAT amounts calculated on prepayments received from customers.
Using the Input VAT on Import of Inventory field, you select the account intended for VAT amounts calculated on the imported goods.
In the Input VAT on Import of Services field, you select the account intended for VAT amounts calculated on the imported services.
Use the VAT on Purchases of Other Current Assets field to select the account for recording the VAT amounts incurred on purchases of current assets.
Using the Input VAT on Prepayments Issued field, you can specify the account for recording the VAT paid to suppliers on prepayments. Once the original document is paid, the VAT amount is cleared off the account.
In the Current Other Tax Payable field, you can select an account for recording other tax amounts owed to the FTA.
In the Current Other Tax Receivable field, you can select an account for recording other tax amounts to be received from the FTA.