Using Thai VAT for Receivables


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Using Thai VAT for Receivables

The procedure for using Thai VAT for Receivables differs depending on whether the invoice is a goods invoice or a services invoice.

For the flow of goods invoices:

1. Issue the regular invoice and assign it a tax type of VAT Goods.

2. Generate the tax invoice number according to your company's procedures.

3. Enter the tax invoice date and number in the Transactions Workbench (see Entering Tax Invoice Information (Receivables)

For the flow of services invoices:

1. Issue the regular invoice and assign it a tax type of VAT Services.

2. Book the VAT to the VAT reserve account.

3. The customer pays the invoice.

4. Generate the tax invoice number according to your company's procedures.

5. Update the invoice with the tax invoice date and number in the Transactions Workbench (see Entering Tax Invoice Information (Receivables)).

6. Transfer the VAT expenses from the VAT reserve account to the regular VAT revenue account.

At the end of the period, generate the Output Tax Summary report (see Output Tax Summary-Invoice (VAT) Report ).

Hint: To determine the amount you need to transfer from the VAT reserve account to the VAT revenue account, run the Output Tax Summary for just the VAT Services tax type (see Output Tax Summary-Invoice (VAT) Report).

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