Creating and Processing Journals with VAT Concept Creating

Creating and Processing Journals with VAT Concept

Creating and Processing Journals with VAT

Creating and Processing Journals with VAT Step 1 Begin by navigating to the Header page. Click the Scroll Down arrow.

Creating and Processing Journals with VAT Step 2 Click the General Ledger menu.

Creating and Processing Journals with VAT Step 3 Click the Journals menu.

Creating and Processing Journals with VAT Step 4 Click the Journal Entry menu.

Creating and Processing Journals with VAT Step 5 Click the Create/Update Journal Entries menu.

Creating and Processing Journals with VAT Step 6 Enter the desired information into the Business Unit field. Enter "AUS 01".

Creating and Processing Journals with VAT Step 7 Click the Add button.

Creating and Processing Journals with VAT Step 8 Use the Header page to view information that uniquely identifies the journal, such as Business Unit, Journal Source, and Journal Date. Also use this page to set up foreign currencies and to adjust and reverse entries. You can enter journals in either the base currency for a business unit or in another valid currency.

Creating and Processing Journals with VAT Step 9 Enter the desired information into the Long Description field. Enter "VAT Journal".

Creating and Processing Journals with VAT Step 10 In the Source field, select a journal source that best represents how the journal determines various options for entering and editing journals.

Creating and Processing Journals with VAT Step 11 Click in the Source field.

Creating and Processing Journals with VAT Step 12 Enter the desired information into the Source field. Enter "ONL".

Creating and Processing Journals with VAT Step 13 Click the Lines tab.

Creating and Processing Journals with VAT Step 14 Use the Lines page to enter foreign currencies and automatically convert that currency to your base currency. The system calculates VAT for journal lines that post to VAT-applicable accounts, and it automatically creates additional journal lines (for VAT-applicable business units) for posting the VAT to the appropriate Chart. Fields.

Creating and Processing Journals with VAT Step 15 You associate VAT Codes, VAT Transaction Types, and Account Types to individual journal lines in General Ledger journal entries. Then, you can automatically generate VAT accounting transactions and extract information associated with these VAT entries to the VAT transaction table for reporting purposes. Enter a VAT-related account number. Click in the Account field.

Creating and Processing Journals with VAT Step 16 Enter the desired information into the Account field. Enter "630000".

Creating and Processing Journals with VAT Step 17 Click the horizontal scrollbar.

Creating and Processing Journals with VAT Step 18 Click in the Amount field.

Creating and Processing Journals with VAT Step 19 Enter the desired information into the Amount field. Enter "1000".

Creating and Processing Journals with VAT Step 20 Click the Insert Lines button.

Creating and Processing Journals with VAT Step 21 Click in the Account field.

Creating and Processing Journals with VAT Step 22 Enter the desired information into the Account field. Enter "100000".

Creating and Processing Journals with VAT Step 23 Click the horizontal scrollbar.

Creating and Processing Journals with VAT Step 24 Note that the system automatically enters an amount to balance the journal.

Creating and Processing Journals with VAT Step 25 Scroll to find the VAT field. Click the horizontal scrollbar.

Creating and Processing Journals with VAT Step 26 When you enter a journal line on the Lines page, the system checks the account definition. If the account is defined as VAT Applicable or VAT Account, then you can use the VAT link. You can click the VAT link to access the GL Journal Entry - VAT page. Click the VAT link.

Creating and Processing Journals with VAT Step 27 Use the GL Journal Entry - VAT page to override VAT default information generated from the business unit, source, and account entered on the Header and Lines pages.

Creating and Processing Journals with VAT Step 28 You can modify any of the accessible fields on this page. These fields display the VAT default values that were defined in the VAT Default Setup page for Account Chart. Field, Journal Source, GL Business Unit, VAT Entity Registration, and VAT Country VAT Driver. Adjusting or resetting VAT defaults affects only the fields within the VAT Defaults group box.

Creating and Processing Journals with VAT Step 29 If you changed any fields on this page, those changes may affect VAT defaults on this page. For accuracy and consistency, click the Adjust Affected VAT Defaults button if you want the system to adjust the VAT defaults that are affected by your changes. The system will retain all changes you made to VAT Defaults on this page that affect other VAT Defaults on this page.

Creating and Processing Journals with VAT Step 30 Click the List of fields to be adjusted button to see a list of the fields that will be adjusted.

Creating and Processing Journals with VAT Step 31 The levels affected when you click the Reset All VAT Defaults button may be different, depending on the application you are working with and the type of VAT page you are working on. • All lower levels: Do not select this button for General Ledger VAT because it has only one level. • This level and all lower levels: Do not select this button for General Ledger VAT because it has only one level. • This level only: Select this button to reset all VAT defaults on this VAT page.

Creating and Processing Journals with VAT Step 32 Click the Reset All VAT Defaults button if you want the system to reset the VAT defaults based on the Levels value you selected. All changes you made to VAT defaults will be lost.

Creating and Processing Journals with VAT Step 33 Click the Return to Journal Entry Lines Page link.

Creating and Processing Journals with VAT Step 34 Click the Save button.

Creating and Processing Journals with VAT Step 35 Click the OK button.

Creating and Processing Journals with VAT Step 36 Click the Process button.

Creating and Processing Journals with VAT Step 37 Notice the new line that has been added to record the applicable VAT tax. You can click the VAT link again to view the calculations.

Creating and Processing Journals with VAT Step 38 You can click the VAT link again to view the calculations.

Creating and Processing Journals with VAT Step 39 Note that the Journal Status is valid and the journal can successfully be posted.

Creating and Processing Journals with VAT Step 40 You have successfully created and edited a journal with VAT. End of Procedure.