VAT Declaration Process
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rgsr5 -
rgsr5 -
Hello,
Sir or Madam
I would need some explanations about the VAT process within a company for my internship report.
For example, to start the process:
1. Clients submit the invoices of sales and purchases to the agency.
2. The accountant receives and organizes them,
3. records the entries
4. Checks for missing documents
5. In case of absence, he follows up, but if they are complete
6. he determines the VAT
Etc..........
Sir or Madam
I would need some explanations about the VAT process within a company for my internship report.
For example, to start the process:
1. Clients submit the invoices of sales and purchases to the agency.
2. The accountant receives and organizes them,
3. records the entries
4. Checks for missing documents
5. In case of absence, he follows up, but if they are complete
6. he determines the VAT
Etc..........
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1 answer
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VAT within a company consists of 2 things:
- VAT collected
- Recoverable VAT.
VAT collected is the one found on the company's sales invoices.
Recoverable VAT is the one found on the company's purchase invoices.
The VAT to be paid (each month) is the difference between VAT collected and recoverable VAT. If there is more recoverable VAT than collected VAT, the balance is carried over to the next month as recoverable VAT.
Your process is good, except for (1)..
Customers do not send anything..
It is the company that provides the accountant with the sales journal (sales invoice) and the purchase journal (purchase invoice).
Although the company is a "client" of an accountant, it cannot be said that it is "the clients who provide the invoices..."
The relationship between the company and the accountant varies depending on the case.. Sometimes part of the management of accounting documents (paper invoices) is done within the company, and in this case, the accountant only receives the journals; other times, he receives and files all the paper documents....
