To Prepare to Switch from Standard Accounting to VAT Cash Accounting
1. Take a backup of your data and label the disk(s) "Before Switching to the VAT Cash Accounting scheme".
2. From the Financials window, click VAT.
The Value Added Tax Return window appears.
3. Produce and reconcile the VAT Return, for further details see Everything You Ever Wanted To Know About VAT Reconciliation.
4. Post the journal entries to transfer the VAT from the Sales/Purchase Tax Control Account(s) to the VAT Liability Account.
For example, after reconciling the VAT Return post this journal.
5. Check that the reconciliation flags have been set on the VAT Return.
Your next step...
To Switch from Standard Accounting to VAT Cash Accounting
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