Problem: How
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to transfer the amounts of Input VAT to expenses?
Solution: Use Service Tools as shown.
* Please use the document cautiously after Hotline recommendations only.
Input VAT is shown as Closing Balance instead of to be written off:
1. In order do transfer the amounts Input VAT to expenses, please follow the steps below:
There is no direct way to do this entry, therefore, we will please use this manual entry documentTransaction general ledger ( Please use the document with caution, should be used only when advised by Hotline).
(General Ledger):
Accounting > Service Tools > Transactions (General Ledger)
Please specify the Debit and Credit accounts, Department, Expense item, seller, Purchase document, Currency and Amount.
See also 7.5.6. Transactions (General Ledger)
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2. This Transaction must be completed with a Register Correction.
To create a Register Correction, go to Administration > Administration Documents > Register Correction:
Create Register Correction document, make Register Correction Settings and add Input VAT Accumulation Register as shown:
Add a record and create the same record in this register as Invoice Received did, but with opposite Record Type:
Put Expense instead of Receipt:
3. Generate a Trial Balance to check that Input VAT is written off as an expense:
Thank you for being a FirstBIT Go to Administration – Register Correction.
Fill out the document as shown below.
You can take the data from the register of the Invoice Received document.
Generate a report to check your actions.
Thanks for being a First bit Customer!