ProcessClosing

 

Before you can prepare a VAT (value-added tax) return, you look for any open invoices that you have made payments on, and clear them against each other. You can then calculate the correct amount of VAT for the VAT return.

Process

  1. You run the Automatic Clearing program to clear all open invoices against any matching open payments (and vice versa).

  2. You run the Clear Reversed Invoices program to clear any open items left over in Accounts Payable (FI-AP), from when you reverse vendor invoices in Materials Management (MM).