The VAT (Value Added Tax) captures information about the value of intra-community sales and purchases. Voucher Pre-Register allows the VAT to be recognized as soon as the supplier ships the material.
The information on the Voucher Pre-Register form does not require a specific purchase order. Once the voucher pre-register has been created, the system posts the pre-register and creates journal entries using a new suspense account. When you are ready to voucher the material (after receiving it), you can associate the voucher with one of the pre-registers. When you post the voucher, the system changes the voucher pre-register to a status of Closed and creates the appropriate journal entries.
If the Recognize VAT check box is selected on the Accounts Payable Parameters form (Misc tab), the pre-register date becomes the journal entry date, and the following journal entries occur:
| Field | Debit | Credit |
|---|---|---|
| Suspense Acct | ### | Material portion from pre-register. |
| Freight | ### | |
| Misc. Charges | ### | |
| Tax 1 | ### | There will be a debit for each Tax Distribution. |
| Tax 2 | ### | |
| A/P Unmatched | ### |
If the Recognize VAT check box is not selected, the following journal entries occur:
| Field | Debit | Credit |
|---|---|---|
| Suspense Acct | ### | Material + Tax portion from pre-register. |
| Freight | ### | |
| Misc. Charges | ### | |
| A/P Unmatched | ### |
If a voucher is associated with a pre-register and the voucher is posted, the status of the pre-register changes from Posted to Closed, and new journal entries are created to back out the original entries. You can also manually change the pre-register status to Closed to create the offsetting journal entries.
If the Recognize VAT check box is selected on the Accounts Payable Parameters form, the voucher date becomes the journal entry date, and the following journal entries occur:
| Field | Debit | Credit |
|---|---|---|
| Suspense Acct | ### | |
| Freight | ### | |
| Misc. Charges | ### | |
| Tax 1 | ### | |
| Tax 2 | ### | |
| A/P Unmatched | ### |
If the Recognize VAT check box is not selected, the following journal entries occur:
| Field | Debit | Credit |
|---|---|---|
| Suspense Acct | ### (Material + Tax) | |
| Freight | ### | |
| Misc. Charges | ### | |
| A/P Unmatched | ### |
Pre-register can hold one of four different status types:
The Delete Voucher Pre-Registers utility deletes all voucher pre-registers within a specified range. The voucher pre-register must have a status of Closed before it can be deleted. All voucher pre-register distributions for the range of voucher pre-registers are also deleted. Deleting voucher pre-registers removes all information about the voucher pre-registers, and affects tax reporting.