Skip to Content
0
Mar 12, 2007 at 08:30 AM

Posting to VAT at Good receipt stage(MIGO Stage)

48 Views

<b>We have following scenario:</b>

At the time of goods receipt, VAT should flow to VAT interim account.

At the time of invoice verification, the same VAT should flow to VAT receivable account.

<b>The entries will be:</b>

<i>For receipt:</i>

Stock A/C Dr 5000

VAT Interim A/C DR 100

To GR/IR Account 5100

<i>For Invoice Verification:</i>

GR/IR Account 5100

VAT Receivable A/C 100

To Vendor A/c 5100

To VAT Interim A/C 100

<b>Can you please help for configuring this scenario</b>