Value-Added Taxes: Configuration Prerequisites

Before starting to create a value-added tax, you should be sure that the needed feature has been enabled, settings have been specified, and entities have been created, as described in the following sections.

Enabling the Needed Feature

On the Enable/Disable Features (CS100000) form, the VAT Reporting feature must be enabled.

Configuring the System

You need to make sure the following tasks have been performed in MYOB Acumatica before you begin to create a value-added tax:

• On the Chart of Accounts (GL202500) form, all GL accounts that you will use for tax reporting purposes have been added.
• On the Vendors (AP303000) form, a vendor set up as a tax agency has been configured. For details, see Tax Agency: To Set Up a Tax Agency for VAT.
• On the Tax Categories (TX205500) form, the TAXABLE category has been created.
• On the Tax Zones (TX206000) form, the CANADA tax zone has been created. For details, see Tax Zones and Categories: To Create a Tax Category and Tax Zone for VAT.
• On the Reporting Settings (TX205100) form, a reporting group of the Output type and a reporting group of the Input type have been configured.