Viewing Journal Entries Created For Deferred VAT Recognition

Note:

This feature requires the Deferred VAT SuiteApp

NetSuite provides you the capability to view the journal entries created for deferred VAT recognition. This is accessed when viewing deferred VAT process status and when the submissions are marked as complete.

Note:

You need to have successfully completed generating journal entries before attempting to view these entries.

To view journal entries created for deferred VAT recognition:

1. Go to the Process Status page:

   • In Accounting Center, go to Financial > Lists > View Defer VAT Process Status.

   • In Classic Center, go to Transactions > Financial > View Defer VAT Process Status.

2. Select a start date in the Date Created From field.

3. Select an end date in the To field.

4. Click Refresh.

5. Click Complete under Submission Status column to view the journal entries created by this submission.

   The following describes the columns displayed in the Journal Entries Created from Deferred VAT Recognition.

   • Journals — This shows the journal entry number. Clicking this will send you to the corresponding journal record in NetSuite. See Viewing Journal Entries. Note that journal entries created by deferred VAT recognition have Created from Deferred VAT Recognition saved in the Memo field.

   • Amount — The journal entry’s total amount.

   • Currency — The currency of the journal entry.

   • Posting Period — The accounting period selected when the submission was made for deferred VAT recognition.

   • Date — The last date of the selected accounting period. This will be used for the journal entry’s posting date.

Warning:

Journal entries created from Deferred VAT Recognition cannot be edited. You can delete journal entries created by Deferred VAT Recognition.

Reverse or Delete Deferred VAT Recognition Journal Entries

NetSuite provides the ability to reverse or delete the journal entries created for deferred VAT recognition. Use the Reverse Deferred VAT Recognition Journal Entries box on the Company Information page to do the following:

• Check the box to reverse the existing Deferred VAT Recognition (DVR) journal and create a new DVR journal for a subsidiary and posting period with the adjusted amount on editing.

• Clear the box to delete the existing DVR journal and create a new DVR journal for the subsidiary and posting period with the adjusted amount on editing.

To reverse or delete deferred VAT recognition journal entries

1. Go to Setup > Company > Company Information.

2. Check or clear the Reverse Deferred VAT Recognition Journal Entries box as required.

3. Click Save.

General Notices