Purchasing for Nonstock Items - Three-Way Voucher Match
When you purchase for a nonstock item, you can use either two-way or three-way voucher matching. When you use three-way voucher matching and enter the purchase order receipt, the system records the tax in the Received Not Vouchered Tax account, which is offset when the system creates the voucher. When you post the voucher, the system records the tax in the VAT Recoverable Tax account. Rather than pay a tax authority, you pay the supplier for the amount of the goods plus tax and recover the tax amount from the tax authority later.
Example: Purchasing for Nonstock Items - Three-Way Voucher Match
Program |
AAI* |
Table |
Accounts & Fields Updated |
F0911 DR |
F0911 CR |
---|---|---|---|---|---|
Enter Receipts by PO (P4312) Creates a journal entry |
. . DM - 4320 DM - 4355 |
F0911 |
Expense Account from PO line Received Not Vouchered Received Not Vouchered Tax |
1,000 |
. . 1,000 100 |
Voucher Match (P4314) Creates a voucher |
. . . DM - 4320 |
F0411 . F0911 |
Taxable (1,000) Tax (100) Gross (1,100) Received Not Vouchered |
. . . 1,000 |
. |
Post General Ledger (R09801) Posts the voucher to the general ledger |
FIN - PTxxxx FIN - PC |
F0911 |
VAT Recoverable Tax AP Trade |
100 |
. 1,100 |
* DM - AAI = Distribution/Manufacturing AAI (F4950); FIN - AAI = Financial AAI (F0012)