Creating Deferred VAT Recognition Journal Entries

Note:

This feature requires the Deferred VAT SuiteApp

The following describes the steps to create Deferred VAT Recognition Journal Entries:

• Overview

• Create Deferred VAT Journal Entries

Overview

NetSuite deferred VAT can be processed by running the Create Deferred VAT Recognition Journal Entries page. This process creates the necessary journal entries for recording your deferred taxes and recognition. These journal entries can then be used in financial reports and tax returns.

This is a three-step process where you will need to:

• Run Update Revenue Arrangements and Revenue Recognition Plans. See Updating Revenue Arrangements and Updating Revenue Recognition Plans.

• Run Schedule Revenue Recognition Journal Entries. See Generating Advanced Revenue Recognition Journal Entries

• Create deferred VAT journal entries.

Create Deferred VAT Journal Entries

The following describes the steps needed to create deferred VAT journal entries:

To create deferred VAT journal entries:

1. Navigate to Create Deferred VAT Recognition Journal Entries page.

   • In Accounting Center, go to Financial > Lists > Make Defer VAT Journal Entries.

   • In the Classic Center, go to Transactions > Financial > Make Defer VAT Journal Entries.

2. For OneWorld Accounts, select a subsidiary in the Subsidiary field.

3. Select an accounting period in the Posting Period.

4. Click Create Journal Entries.

Viewing Deferred VAT Recognition Journal Entry Process Status in Subtab

There is a subtab in the Create Deferred VAT Recognition Journal Entries page where you can see a quick overview of the submissions for creating deferred VAT journal entries.

To view deferred VAT journal entries process status in subtab:

1. Go to Create Deferred VAT Recognition Journal Entries page.

   • In Accounting Center, go to Financial > Lists > Make Defer VAT Journal Entries.

   • In the Classic Center, go to Transactions > Financial > Make Defer VAT Journal Entries.

2. For OneWorld Accounts, select a subsidiary in the Subsidiary field.

3. Select an accounting period in the Posting Period field.

4. Click Refresh.

The following describes the columns displayed in the Process Status subtab:

• Submission ID — this displays a unique number assigned to the submission to identify it during processing.

• Subsidiary — the subsidiary which the deferred VAT journal entry is created in.

• Posting Period — the accounting period in the journal where the journal entry is created in.

• Submission Status — the processing status of the submission.

  • In Processing — the submission is currently being processed.

  • Complete — the journal entries are successfully created. Clicking the Complete link will direct you to the journal entries list.

  • Failed — the journal entries are not created. This also displays information about the error. Review the error, make corrections, and try again.

• Message — displays details of the errors that caused the submission to fail. If there are no errors, this column will read as 0 errors.

• Date Created — the date the submission was created or processed.

• Created by — the user that created this submission.

General Notices