R74S450 - VAT Report by Tax Rate/Area

In Spain, businesses are required to document all Accounts Payable and Accounts Receivable transactions that are subject to VAT. The VAT Report by Tax Area/Rate report lists all VAT-eligible transactions as well as total amounts of accounts receivable (input) and accounts payable (output) VAT.

You use the processing options on the monthly VAT reports to create both an accounts payable and an accounts receivable version of the report. You should run both reports monthly.

You use the processing options to indicate which rate from the Intra-Community VAT tax rate/area setup should be included on the report. On the accounts payable version, include the positive tax rate. On the accounts receivable version, include the negative tax rate. The exempt VAT (0 percent) prints on the Accounts Payable version.