How to Use One VAT Code in Journals

In Norway, you can use the feature one VAT code in a journal, so that you can post VAT by using a single field, VAT Code. After it is set up, the one VAT code is a quick way to fill in the commonly used VAT fields.

To set up the VAT code for purchase orders and sales orders, the corresponding VAT business posting groups and the VAT product posting groups have to be defined.

The VAT rate is calculated from the combination of VAT business posting groups, buyer information, and VAT product posting groups.

To create a VAT code

1. Choose the icon, enter VAT Codes, and then choose the related link.
2. Choose the New action.
3. Enter information in the Code, General Posting Type, and Description fields for each VAT code.

4. Choose the OK button to close the VAT Codes page.

   he following procedure explains the VAT posting setup.

To set up VAT posting

1. Choose the icon, enter VAT Posting Setup, and then choose the related link.
2. Choose the New action.

3. In the VAT Posting Setup card, fill in the following fields:

   • VAT Business Posting Group
   • VAT Product Posting Group
   • VAT Identifier
   • VAT Percentage
   • Sales VAT Account
   • Purchase VAT Account

4. In the VAT Code field, select a code from the list.

Now, when you post a document in the general journal and close it, the information specified in the VAT Posting Setup card is applied.

For example, the VAT rate posted in the journal is defined by the setup that you have specified on the VAT Posting Setup page.

See Also

Norwegian VAT Codes

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