Question

Advanced Billing & VAT Remaining in the Deferred Revenue Account

  • 16 August 2022
  • 2 replies
  • 73 views

Hi,

 

We are in the the process of setting up Advanced Billing, I have to whole process working as it should apart from the VAT not posting out of the deferred account when the shipment is invoiced this is after all cash has been received.

 

All the Cash receipts work as they should it is just the VAT that remains in the Deferred account, I am unsure if this should journal out or automatically post when the shipment is invoiced.

 

The Deferred Account is linked the the GL VAT Account, the same way the Deferred Account is linked to the AR Accounts.

 

If anyone could offer some direction it would be appreciated.

 

Steven Martin


2 replies

Hi Steven

The default company config setting is no VAT, I think that is your issue, if you change to reverse tax on shipment treatment that should post the VAT on the shipment invoice.

(Comp config, Finance, AR, Individual Deposit Invoice Tracking “Individual Deposit Tax Treatment”)

best regards Steve

Hi Steve,

 

This appears to have done the trick, thankyou for the guidance.

 

Regards

Steve

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