VAT/EXCISE Tax Implementation for UAE/KSA
VAT/EXCISE Tax Implementation for UAE/KSA
1. Setting up Tax Registration No for customer, supplier and company
Enter the field with your tax registration number and the tax IDs for your company, supplier, and customers.
- For Customer
- For Company
2. Setting up TAX Code for Products
When a tax code is set up in the item master, the system will retrieve that code when a sales or buy invoice is selected.
3. Default Tax Templates
ERPNext offers a default VAT (5%, zero, exempt) and excise (50, 100%) tax template. Your own custom tax template is possible.
3. Making VAT Ready Invoices
You are prepared to create VAT-Ready Invoices if you have set up your tax template, as well as the TRNs for your customers and suppliers.
To the Sales Invoice,
- Choose the right customer, the right item, and the location where the transaction will take place.
- Verify that your company's and the supplier's TRNs have been properly configured.
- Verify that the VAT Code has been specified in the Item
- Based on the type of transaction, choose the template you developed.
- Save and submit the bill
4. Print Tax Invoice
ERPNext provides two default print format
- Simplified Tax Invoice
- Detailed Tax Invoice
5. Set-up VAT Accounts
In this section, choose the accounts that will be used to generate VAT invoices.