VAT account
A sales tax account is kept for posting the sales tax contained in the outgoing invoices.
It is a passive stock account , as it represents a liability to the tax office ( balance sheet : other liabilities ). A further breakdown of the account is common, e.g. B. according to different tax rates or according to product groups and branches . Using the example of a cash sale of goods for 5,950 euros (gross) at a VAT rate of 19%, a typical booking rate is:
- Cash desk 5,950.00
- for sales of goods 5,000.00
- of sales tax 950.00
Input tax sub-account
An important sub-account of the sales tax account is the input tax account , to which the sales tax paid by the company to other companies is booked; The input tax account is closed via the sales tax account, which is the easiest way to determine the real VAT payable or reimbursement (calculated VAT /. VSt paid = payment or reimbursement).
