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How To Record Gcc Vat Payments?
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You can record a payment to GCC VAT authorities using a payment receipt or voucher. Other payments made to the authorities, such as interest and penalties can also be recorded using this receipt.
To create a payment voucher
1. Enter Gateway of Tally -> Display -> Statutory Reports -> VAT -> VAT 201.
2. Click: Statutory Payment. In Statutory Payment Details screen,
• Retain or change the Period “From and To” dates.
• Select the Payment Type.
• Accept the screen.
3. Select the bank ledger.
4. Select the VAT ledger. The payable amount appears automatically.
5. Select the other ledgers, as required. To make payments for interest or penalty, select the ledgers that were created to account for these dues. Ensure that these ledgers are grouped under Direct Expenses, Indirect Expenses, or Current Liabilities.
6. Select the type of payment to be made to the GCC VAT authorities.
7. Enter relevant details in the Bank Allocations screen, and press Enter.
8. Accept the voucher.
Similarly, you can record other tax payments to be made to the VAT authorities.
You can enter details of the bank where the payment has been made later, in the Tax Payment Reconciliation report.
For more information, please get in touch with our team of experts on 00966-583117703 or send an email to email@example.com
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