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For the VAT refund amount (Refund_Amount) to be received from the FTA by an ordinary group member, the application generates the following journal entries:
GL Account | Debit | Credit |
|---|---|---|
Current VAT Receivable | -(Refund_Amount) | |
Other Operating Income | -(Refund_Amount) |
For the VAT amount that was due to FTA by an ordinary member and must be accepted by the representative member, the application generates the following journal entries:
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