EGL: What Is The Difference Between The VAT Account And The VAT Applicable Account Options? (Doc ID 1308663.1)

Last updated on SEPTEMBER 14, 2016

Applies to:

PeopleSoft Enterprise FIN General Ledger - Version 8.9 and later
Information in this document applies to any platform.
****Checked for Currency on July-22-2013****

Goal

1) What is the difference between VAT Account and VAT applicable account ?

2) How are the transactions for VAT booked in General Ledger?

3) What will be the difference of the transactions when booking against these accounts?

4) When booking a transaction against an account that gets charged VAT, which account will be hit ?

 

Solution

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