PS: Yes, as Christopher notes, could place VAT paid as an asset (which
it properly is). I was following the set up you were describing instead,
placing VAT paid as a contra account. Also sensible, as under normal
conditions, the parent VAT is going to have a net credit balance << your
business would be selling more than it pays or you would be operating
at a loss* >>
Michael D Novack
* However that COULD be normal, and even profitable << not for the
business itself, but operating/controlling the business might have "side
effects" that were profitable >>
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