Home Busy Accounting Software 6.2.14 VAT Journal

6.2.14 VAT Journal

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6.2.14 VAT Journal

VAT Journal voucher appears in Transactions menu only if you have specified the type of tax as VAT for the company. VAT Journal voucher helps you enter the details of special transactions where VAT is affected. Let us understand the special transactions with the help of an example. If you have a debit note in which VAT is calculated then in VAT related reports such as VAT Summary this amount is not reflected. The reason is that VAT related reports take into account only the Sales / Purchase and Sales

/ Purchase Return transactions. For other transactions, you have to enter VAT related details separately with the help of VAT Journal voucher. Once you have entered the special transactions in VAT Journal voucher then the VAT related reports are automatically updated with these details.

To enter a VAT Journal voucher, click Transactions à VAT Journal option. On clicking the VAT Journal option, a VAT Journal window appears. Given here is a screenshot of VAT Journal voucher.

Figure 6.19 VAT Journal

In the VAT Journal window, various data fields and grids appear. The data fields and grids are:

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