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Setting | Description |
|---|---|
Output VAT Transaction Method | This setting defines how the output VAT is recorded in GL journal entries. Select one of the following options:
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VAT Accounting by Emirate | Select this option if your company operates in UAE, because each company must report all the VAT-related data by emirate even if the company operates strictly within one emirate only. Selecting the option enables the Emirate field / column in the sales documents. Do not select this option if your company operates in another country. |
| Enable Tax Groups | Selecting this option enables the functionality of tax groups. Several businesses under common ownership that use a single consolidated accounting system may be registered as a tax group and treated as a single taxable person for VAT purposes, that is, file consolidated VAT Returns. For details, see Overview of Tax Groups. |
Tourist Tax Refund | Selecting this option enables the functionality related to tax refunds made to tourists. |
Advanced VAT Calculation | Select this option to enable the system to collect the VAT data on purchase documents separately for supplies that are exempt from VAT and supplies that are subject to VAT. |
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Setting | Description |
|---|---|
Order Management | Select this option if your company's document workflow includes purchase and sales orders. Enabling this functionality allows you to set up stock reservation for orders. Note. If there are any purchase or customer orders in the system, you cannot turn off this functionality. |
Enable Payment Terms | Select this option if you need to use multiple payment terms for customers as well as for suppliers. If the check box is cleared, payment terms are not available. |
Contract and Credit Limits | Select this option to be able to set the limits for total sales and purchases in company contracts or total credit limits. |
Enable Long-Term Credits and Loans | With this option selected, you will be able to account for loans received and issued. The following transaction types are added in the Money module for outgoing payments: Loan Issued, Loan Payment; and for incoming payments: Loan Received, Loan Payment. |
The Project Costing section
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