I need to create a VAT tax code. My query is that whether Sales Output Tax and Purchase Input Tax are both considered as VAT?
As i need to create the VAT tax codes for both Sales Output Tax and Purchase Input Tax .
Also I have the information regarding the Input Tax GL and Output Tax GL.
I think i need to create this Tax Codes using FTXP. Just wondering if anyone could explain me how this VAT tax codes work during an Invoice and How does the Input Tax GL and Output TAX GL get hit ?
Any other information is required for creation of these VAT Codes?