Purchasing for Stock Items - Three-Way Voucher Match

When you purchase for stock, you must use three-way voucher matching. When you enter the purchase order receipt, the system does not accrue the tax; tax is recorded in the Received Not Vouchered Tax account only, and then 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 seller (supplier) for the amount of the goods plus tax and recover the tax amount from the tax authority later.

Example: Purchasing for Stock 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 - 4310 DM - 4320	F0911	Inventory Asset Received Not Vouchered	1,000	. . 1,000
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)