Preparing a Bank Reconciliation Using Transfer VAT

This topic describes how to reconcile invoice and voucher payments when the Transfer VAT option is selected on the General tab of the Tax Systems form.

Transfer VAT enables VAT recognition upon bank reconciliation.

For more information on performing a bank reconciliation, see Preparing a Bank Reconciliation.

To reconcile A/P checks with Transfer VAT selected:

  1. Open the Bank Reconciliations form.
  2. Select the appropriate Bank Code.
  3. Specify these values in these fields:
    • Type: Must be Check.
    • Transaction: Enter the individual check number.
    • Ref Type: Must be A/P.
    • Ref Num: Select the appropriate vendor number.
  4. After you are finished entering or updating transactions, click Balance Compute.
  5. When finished reconciling, select Actions > Save.

To reconcile A/R deposits with Transfer VAT selected:

  1. Open the Bank Reconciliations form.
  2. Select the appropriate Bank Code.
  3. Specify these values in these fields:
  • Type: Must be Deposits.
  • Transaction: Enter the deposit number.
  • Ref Type: Must be A/R.
  • Ref Num: Select the appropriate customer number. For summary bank reconciliation entries, this value is set to 0 by default.
  • After you are finished entering or updating transactions, click Balance Compute.
  • When finished reconciling, select Actions > Save.
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