How to Setup VAT Codes

How to Setup VAT Codes in QCA

Overview:

In the system, it has a list of VAT Codes that correspond to the type of BIR Value-Added Tax (VAT) that is applied to all sales of services and imports as well as the sale, barter, exchange, or lease of goods or properties (tangible or intangible).

Although the listed VAT codes are currently active, each VAT Code must have an assigned Posting Account except for a code with 0.00% VAT Rate.

Scenario:

System prompted that the selected VAT Code in Transaction don’t have posting account.

Procedure:

1. In Navigation pane, go to Tax > VAT Codes

2. Select the VAT Code. 

For Example: code ‘SR-SP’

3. To assign Posting Account, dropdown Field and select GL Account

4. Once done, click Save or Save and Close.

Application:

Transactions with corresponding VAT codes can now be successfully saved.

For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph