Automatically Close VAT Accounts
Hi,
I have entered in AR and AP systems, output and input VAT through invoices/vouchers.The Collectable VAT is register into a corresponding account, same as Deductible VAT. At the end of the month, I would like the system to calculate the difference between the balances of collectable and deductible VAT and register it into an appropriate account (if the difference is positive, I have to pay and if is negative I have to recover). Is there a functionallity in the system, that can do this automatically?
Best Regards,
Paula
I have entered in AR and AP systems, output and input VAT through invoices/vouchers.The Collectable VAT is register into a corresponding account, same as Deductible VAT. At the end of the month, I would like the system to calculate the difference between the balances of collectable and deductible VAT and register it into an appropriate account (if the difference is positive, I have to pay and if is negative I have to recover). Is there a functionallity in the system, that can do this automatically?
Best Regards,
Paula
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