Problem: How to receive the VAT refund?
Solution: In order to receive the VAT refund, the following steps must be taken:
1. Generate a trial balance to see the VAT amounts to be paid and refunded:
2. Go to the document Calculation of VAT Liability:
Fill it out. The amounts will match.
After you complete the document, you will recognize the tax, offset of payables and receivables will happen to reflect the balance amount to be paid or received.
The trial balance will show the total VAT recoverable (When receivables are more than payable):
3. Generate a tax refund document based on the document Calculation of VAT Liability, the details will be filled automatically, just make sure the right bank is used to record the receipt of the amount.
4. In the next period, the calculation will show that there is no VAT to be reimbursed, but there was in the previous period.
If you do not reimburse VAT in this period, the calculation of the next period will show that there is an amount to be reimbursed for the previous period.
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# VAT current refund receipt receivable receive