In a new document of the Calculation of VAT Liability type, you need to fill in the required On Date field in the upper area of form.
The "Calculation of VAT Liability (Create)" form
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The VAT Receivable amount calculated in the national currency is the refundable amount that the Tax Authority may return to the entity which is the taxpayer. This refundable tax amount can be received upon request or it can be carried forward to a subsequent tax period or multiple subsequent periods to be offset against payable tax or any penalties imposed.
The toolbar buttons
After filling out the form, click the Save button to save your work or Post and close to post and close the document.
Click Generate to select the type of document which you want to generate:
- Bank Payment Expense: if If you need to pay from your bank account to FTA the tax amount that is specified in the Total VAT Payable field.
- Payment Bank Receipt: if If you need to record the payment received from FTA as a refund with the amount specified in the Total VAT Receivable field to your bank account.
For descriptions of other buttons, see Document Toolbar.