You use the import VAT feature when you need to post a document where the entire amount must be treated as VAT. This is necessary if you receive a VAT invoice from the tax authorities for imported goods.
To set up codes for import Tax
In the Search box, enter Tax Product Posting Groups, and then choose the related link.
In the Tax Product Posting Groups window, set up a new Tax posting group for import Tax.
In the Search box, enter Tax Posting Setup, and then choose the related link.
In the Tax Posting Setup window, set up a new line. You may use any of your existing Tax business posting groups in combination with the new Tax product posting group for import Tax.
To view the options, choose the Tax Calculation Type field and then select the option Full Tax.
In the Purchase VAT Account field, enter the general ledger account that must be used for posting import VAT. You do not have to enter any other general ledger accounts on the line.
 Tip |
|---|
For more information about how to work with fields and columns, see Work with Data. For more information about how to find specific pages, see Search. |