VAT accounts
A number of kept VAT accounts depends on the specification and diversity of a business activity. The minimum structure of VAT accounts should contain one sales account and one purchase account for merchandises and services. In case of foreign transactions, it is possible to create an export account and an import account of merchandises and services. Depending on the needs, it is possible to keep several purchase accounts in which data will be grouped by types of purchased fixed assets and foreign services. For example: purchase account of intangible assets, purchase account of fixed assets, purchase account of materials, purchase account of merchandises, purchase account of foreign services, import account of foreign services and others. By saving VAT value to the VAT account, an appropriate moment of VAT obligation is created. Other situations can be also considered, e.g. moment of VAT obligation depends on customer/vendor etc.
Upon saving the value to the VAT account, it is possible to transfer that value between subaccounts and to define another VAT obligation date for any element of the document.
On the Ukrainian market, instead of traditional VAT accounts, the First Event functionality is used.
This option can be activated in the accounting configuration of the system. This functionality separates sales/purchase invoices from VAT sales/purchase invoices. These documents are registered in the system individually. VAT invoices, in the first event functionality, contain, additionally, the information about a product. A VAT invoice can be also issued as an advance payment for purchase of a product, that is for part of the ordered product.