Deferred VAT Recognition

NetSuite Deferred VAT Recognition SuiteApp provides the features and capabilities needed to record deferred VAT for companies operating in Germany according to German Tax laws. This allows companies operating in Germany to be paid for goods or services in increments over a period of time while correctly computing and reporting VAT.

This SuiteApp provides the following features:

• Map a tax type for deferred VAT.

• Map a tax code for deferred VAT.

• Compute deferred VAT recognition amount based on payment instead of the total invoice amount.

• Make journal entries related to the deferred VAT recognition.

• View status of journal entries related to deferred VAT recognition.

To use the features of the German Deferred VAT, you will need to configure the following:

• Set up prerequisites for the Deferred VAT Recognition. See Prerequisites for Installing the Deferred VAT Recognition SuiteApp.

• Install the German Deferred VAT Recognition SuiteApp. See Installing the Deferred VAT Recognition SuiteApp.

• Set up tax types to use. See Setting Up Tax Types for Deferred VAT.

• Set up tax codes to use. See Setting Up Tax Code for German Deferred VAT.

General Notices