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.

To reconcile A/P checks or A/R deposits with Transfer VAT selected:

  1. Open the Bank Reconciliations form.
  2. Select the appropriate Bank Code.
  3. Specify this information:
    Type
    For A/P checks, select Check. For A/R deposits, select Deposits.
    Transaction
    For A/P checks, specify the individual check number. For A/R deposits, specify the deposit number.
    Ref Type
    For A/P checks, select A/P. For A/R deposits, select A/R.
    Ref Num
    For A/P checks, select the appropriate vendor number. For A/R deposits, select the appropriate customer number.
  4. After you are finished entering or updating transactions, select Balance Compute.
  5. When finished reconciling, select Actions > Save.
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