This chapter contains the topic:
From General Systems (G00), choose Tax Processing and Reporting
From Tax Processing and Reporting (G0021), choose VAT Journals
It is a common business practice in the United Kingdom and throughout Europe to track and reconcile VAT by revenue and expense account.
You can use J.D. Edwards software to track and reconcile VAT by revenue and expense account by classifying each transaction as taxable or nontaxable. You can also give various reasons for the classification of each transaction. The system stores the tax information for transactions in the Sales/Use/VAT Tax file (F0018).
Run the VAT Journal program to print a VAT report. The VAT report includes all the records in the Sales/Use/VAT Tax file that meet your data selections and processing option criteria.
You can customize the tax information that prints on VAT reports by defining up to five columns of tax information from the Sales/Use/VAT Tax file. Each column can represent up to 12 different tax rates and areas. You can also specify whether a column contains taxable or tax amounts.