What are the journal entries for accounting VAT in SAP
- 7 Answers
- 34635 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / jagadeesh.p
Hi this jagadeesh CA,
First we need to classifie VAT as VAT claimable & not claimable
1.VAT paid on procurement of RM with in the state can be claimable against VAT payable on sales as CST
2.VAT paid on procurement of RM from out side state con't be claimable and portion of VAT should be added to the cost of material
3.Entry on purchase of RM
RM a/c DR XXXXX
VAT receivable a/c DR XXX
Party a/c cr xxxxx
4. On sale
Bank a/c DR XXXX
VAT payable a/c xxx
Sales a/c xxxxx
5.IF VAT receivable is more than VAT payable at end of the period then show the balance under assets side bellow the loans& advance and claim for refund otherwise if it is case at the end of quarter then in subsequent quarter we can adjust same with VAT payable and vise ver....
| Is This Answer Correct ? | 14 Yes | 2 No |
Post New Answer View All Answers
In period 1 there is a wip posted of 22000 usd in period 2 some further goods issue are done to the extent of 15000 usd. How will system calculate wip for period 2?
I'm facing a problem while posting a transaction, the errors showing "withholding tax amount exceed the total line item." I know the anmount calculated is more than the Base amount itself. But as i'm not a FI candidate, I want to know from where I have to change so that I can do the transaction, condition is that I cannot change any rate and code of ewt tax. Pls. help me out, it's urgent.
What is known as a repeat run in the depreciation process? : fi- asset accounting
Does functional module level configuration come under workbench request or customizing request?
What is a group currency?
Differentiate between chart of account and operation chart of account
How do primary costs get picked up from cost center into the cost component structure?
In payment term configuration what are the options available for setting a default baseline date?
Is it possible to use standard sap co-product functionality in repetitive manufacturing?
What does field status group assigned to a gl master record controls? : fi- general ledger
How are scrap costs shows in the standard cost estimate?
what is mixed costing in product costing? please send to me
General Ledger Process flow
How do you execute an automatic payment program? : fi- accounts payable
How can reason codes help with incoming payment processing? : fi- accounts receivable
