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VAT IS AROUND THE CORNER
Get it configure early to avoid delay and
penalty because of heavy demand
VAT implementation is a major change
that is required in your existing version of FACTS and might
take some time
to configure depending on size of your application.
VAT can be enabled in FactsERP using any one of the following 2 options
i.
A new account, VAT Ledger need to be created under current liability in chart of accounts.
ii.
A new additional amount, Value Added Tax (VAT) need to be added with 5% overall, both for purchase and sales.
iii.
Accounting treatment need to be routed thru this account mentioned in step 1.
iv.
When you complete the sales quotation, sales invoice, PO, PI etc., 5% VAT need to be added in additional charges.
v.
Print-layout changes required in stipulated TAX INVOICE to show the Value Added Tax (VAT) amount at bottom lines shall be done by FACTS.
vi.
Quarterly reporting on VAT ledger need to be done exporting the VAT ledger to MS excel and fulfilling rest of the statutory columns as per FTA (Federal Tax Authority) guidelines, including validation of customer/ supplier VAT registration numbers and reports in Arabic language!
i.
Modifications in Stock master to define the HS (Harmonized system) code/ number OR VAT percentage category.
ii.
Necessary changes in data entry forms to collect additional information like place of delivery, date of delivery etc. as per the FTA (Federal Tax Authority) guide lines till 31st October 2017.
iii.
Automated accounting updation of VAT ledger (INPUT VAT and OUTPUT VAT) to produce the VAT Return filing.
iv.
Stipulated print layout changes in TAX INVOICE.
v.
Quarterly reporting/ filing of VAT return, in specific CSV/XML format for direct uploading the FTA portal. (Any other method/ format FTA may suggest in future should to be considered separately).

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Lalit Khatri VP - Business Development +971 55 899 3902 lalit@facts.ae |
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Ziyad Kanakkayil Business Development Manager +971 55 899 3921 ziyad@facts.ae |

PO Box 66135, Dubai, United Arab Emirates, Tel.: +971 4 352 9915, Fax: +971 4 351 1377
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