Making VAT payments

If your organization does business in Mexico, you must make a VAT payment. The amount of the payment is the VAT amount paid by your customers minus the amount you paid to vendors. VAT payments from your customers are recorded in the appropriate AP Tax Account. When the payments or deposits are reconciled with the bank, the required VAT payment amount is calculated. This amount is then transferred to the VAT AR Received Account from which it will be paid to the SAT.

To make VAT payments:

  1. Use the Mexican VAT Transfer Detail form to add VAT information to vendor records.
  2. Use the Mexican VAT A/P Transfer Utility and the Mexican VAT A/R Transfer Utility forms to generate transfer records for accounts payable and accounts receivable.
  3. Use the Mexican VAT AR/AP Transferred Report form to view and print reports of transferred VAT records.
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