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Jun 06, 2008 at 08:00 AM

Creation of GL for VAT Accounts


The client is paying VAT while purchase of Raw materials and charging VAT to its Customers while selling its products. The Input VAT is to be set off against Output VAT partially. So, how many GL accounts should be created for VAT ? Should it be separate GLs for Input and Output VAT or only one GL for VAT in total ?

Please reply asap.