VAT Counterpart Account
| Technical name | to_vat_counterpart |
| License | OPL-1 |
| Website | https://viindoo.com/apps/app/15.0/to_vat_counterpart |
| Read description for | v 10.0 v 11.0 v 12.0 v 13.0 v 14.0 v 16.0 |
| Required Apps | Discuss (mail) Invoicing (account) |
| Included Dependencies | Tax Is VAT Accounting Customization |
| Extensions | Foreign Trade, Logistics Vietnam - VAT Counterpart Account |
Key Features
In some cases where we do not have a counterpart account for a tax entry, this module adds the VAT Counterpart Account field on the tax form to solve the issue.
For example, according to Vietnam Accounting Standards, account 33312 (VAT Payable for Imported Goods) must be reconciled against account 1331 (Deductible VAT).
Editions Supported
- Community Edition
- Enterprise Edition
Installation
- Navigate to Apps.
- Search with keyword to_vat_counterpart.
- Press Install.
Note: The account module will be automatically installed together with the to_vat_counterpart module.
Instructions
Key features
This module adds the VAT Counterpart Account field on the tax form.
Usage
Example:
1. Journal entries created during the importation activity:
Journal entry for the Import Tax:
- Debit 151/156: Total tax value (minus VAT);
- Credit 3333: Import Tax.
Tax payment:
- Debit 33312: VAT Payable for Imported Goods;
- Debit 3333: Import Tax;
- Credit 111/112.
Deduct VAT Payable for Imported Goods:
- Debit 1331: Deductible VAT;
- Credit 33312: VAT Payable for Imported Goods.
2. Steps to follow in the system:
Step 1: Configure Import/Export taxes in the software.
Step 2: Steps to process imported goods, check generated journal items.
Note: To be able to work on this example and see all the generated journal entries, you need to activate the developer mode and install the following modules:
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