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GL Account | Debit | Credit |
|---|---|---|
Current VAT Payable | -(Due_Amount) | |
Current Payables - Group Payables | -(Due_Amount) |
For a Tax Transaction that transfers the VAT 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) | |
Current Receivables - Group Receivables | -(Refund_Amount) |
Accepting VAT liability by the Representative member
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GL Account | Debit | Credit |
|---|---|---|
Current VAT Payable | (Due_Amount) | |
Current Payables - Group Payables | (Due_Amount) |
For a Tax Transaction that transfers the VAT refund amount to be accepted by the Representative Member from an ordinary group member, the application generates the following journal entries:
GL Account | Debit | Credit |
|---|---|---|
Current VAT Receivables | (Refund_Amount) | |
Current Receivables - Group Receivables | (Refund_Amount) |
Then, on behalf of the entity that acts as Representative Member, you can generate a VAT Return for the current tax period by using the Taxes > Tax Documents > VAT Returns form and send it to the FTA. Also the Representative Member creates a payment to the FTA or requests a return depending on the sign of the total tax amount.
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