Germany Deferred VAT
This section applies to accounts with SuiteTax only.
VAT is due for payment on delivery. In NetSuite terms, delivery date equals the Date value in the relevant transaction (such as invoice). To exemptions apply:
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When the payment is processed before the transaction date.
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When delivery takes place in multiple tax periods. In this case, VAT is due on delivery of the last batch, or on processing the invoice payment.
Prepayments are taxable transactions following the tax rules of the related transactions. Deduction of paid tax requires a compliant invoice document to be generated in NetSuite.
Processing Prepayments
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Create an invoice/credit memo/bill/bill credit. In case tax point date is unknown, set the date to the latest period date set up in NetSuite.
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Process payment for the above.
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Credit prepayment invoice(s) above according to the payment amount. As the invoice(s) had status PAID, the credit memo(s) have status OPEN.
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Create a final invoice and apply credit memo according to the previous step.
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Print the invoice using the GL Defer VAT Layout Invoice Template.