Unreal. Tax Acc. (Sales) Field, Tax Jurisdiction Table
Specifies the general ledger account you want to use for posting calculated unrealized tax on sales transactions. Choose the field to see the chart of accounts.
You can use this field if sales tax is not due for remittance to the tax authorities before payment for the sales invoice is received 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 the customers payment is posted. At this time, it will be transferred to the Tax Account (Sales) account. This feature helps you keep track of the actual sales tax payable and the accrued sales tax that is not due for remittance to the tax authorities because the customer has not yet paid the 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 |