VAT Output on Sales

Account Information

Account Type	Statement of Financial Position
Normal Balance	Credit

Output VAT collected on local sales

Record VAT on sales invoice

Dr. Accounts Receivable
Cr. Sales
Cr. VAT Output on Sales

Settle output VAT against input

Dr. VAT Output on Sales
Cr. VAT Input on Purchases

Pay net VAT

Dr. VAT Output on Sales
Cr. Bank Account

Adjust output VAT after credit note

Dr. VAT Output on Sales
Cr. Accounts Receivable