This section describes the speciafic documents that are used in accounting for VAT.
With these documents, such as tax invoices, tax credit notes, output VAT transactions, tax invoices received, tax credit note received, input VAT transactions, your company can correctly calculate the VAT amounts for sales and purchasing transactions and, if needed, adjust or correct the output and recoverable VAT and corresponding taxable amounts. If your company imports or exports the goods and services, you also can prepare the proper documents to comply with the FTA requirements.
By using FirstBIT ERP, you can issue tax invoices for customers and send them by email or print and send them by using postal services. When receiving tax invoices from your suppliers, you can enter along with other data the dates and numbers of the original tax invoices for easy tracking through the database.
For each tax period, you can prepare your VAT Return and calculate the actual VAT liability.
All the VAT-related documents will be retained in the database for the required number of years.