VAT Rate: Accounting Section

In this section, select accounts for accumulating VAT charged at this rate.

Field 

Used for

Input VAT account

Select a VAT account for accumulating input VAT charged at this VAT rate. 

  • Input VAT - VAT amount added to the price when you purchase goods or services liable to VAT.
  • If you are VAT-registered, you can reclaim input VAT from the tax authorities (VAT office).

Output VAT account

Specify a VAT account for accumulating output VAT you charge at this rate.  

  • Output VAT - VAT amount you calculate and charge on your own sales of goods and services if you are registered for VAT.
  • Input and output VAT accounts are used in the VAT declaration document.