Unreal. Tax Acc. (Purchases) Field, Tax Jurisdiction Table
Specifies the general ledger account you want to use for posting calculated unrealized tax on purchase transactions. Choose the field to see the chart of accounts.
You can use this field if tax is not due until payment for the purchase is made and posted. You must also select one of the options in the Unrealized VAT Type field.
The tax amount will be posted to the account for unrealized tax where it will remain until you post the payment to the vendor. At this time, it will be transferred to the Tax Account (Purchases) account. This feature helps you keep track of the actual purchase tax receivable and the accrued tax that is not due until you pay the purchase invoice.
To use this feature, you must place a check mark in the Unrealized VAT field in the General Ledger Setup window.
Tip
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Parent Tables
| Table | Location |
|---|---|
| Tax Jurisdiction Table | General Ledger |
| Tax Jurisdiction Table | General Ledger |