Hi. We have a 5% VAT charged on all bills and invoices. To the government, we pay the difference. I have setup an 'Input VAT(paid to Vendor)' and 'Output VAT(received from Customers)' accounts under Liabilities, and set them up. These are recording the VAT paid & received from Bills/Invoices correctly. The Input VAT account has negative values, and output VAT has positive values. We are supposed to pay the difference of these. For example:
VAT paid to Vendor (50.00) VAT received from Customer 75.00 FINAL VAT PAYABLE TO GOVT 25.00 Keeping the above example, I would like to pass one entry, and pay off the difference amount. Example: DR Final Payable to Govt CR Bank But, how can I pass the Debit entry? Should I create a 'Tax' placeholder account and pass it to that? But then the individual Input & Output VAT accounts might have a balance. Please advise. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
