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Each company is required to record its transactions and documents related to VAT and keep them during the time interval that is defined by FTA. Also, the company must comply with the FTA regulations on the import and export transactions.
Periodically Periodically the company must file VAT Returns to report any details on the Output VAT amounts and on Recoverable VAT Amounts. The VAT functionality is available if the VAT accounting option is selected on the Administration > Settings > General Settings form.
With FirstBIT ERP, your company can easily comply with the FTA requirements to calculating VAT on appropriate documents, generating tax invoices, record keeping, filing VAT returns, and preparing VAT audit files (in the FAF format). The VAT functionality is available if the VAT Accounting option is selected on the Administration > Settings > General Settings form.
To be able to use all the extensive VAT functionality of the FirstBIT ERP, make sure that the functionality is correctly configured with the VAT Configuration Checklist.