Prepayment Unrealized VAT Field, General Ledger Setup Table

Specifies how you want to handle unrealized VAT on prepayments.

You can have VAT amounts calculated and posted to a temporary general ledger account when an invoice is posted, and then posted to the correct general ledger account and included in VAT statements when the actual payment of the invoice is posted.

Select the Prepayment Unrealized VAT field to activate this function. If you do not post unrealized VAT, leave the field blank. This will increase your program's processing efficiency.

If you select the Unrealized VAT, the Prepayment Unrealized VAT field must also be selected. However, you can select the Prepayment Unrealized VAT field without selecting the Unrealized VAT field.

For more information, see Using Accounts for Unrealized VAT.

Parent Tables

See Also

Reference

General Ledger Setup