Entering journal entries with VAT in period 13

If you have made journal entries in period 13 that contain VAT amounts, then you must settle these manually in Journal Entry.

Journals that are entered to the VAT accounts in period 13 must be emptied against the VAT liability account (2202).

Mamut Business Software works in a way, where all of the VAT entries that are made between periods 1-12 are automatically posted into the appropriate VAT period. Period 13, however, is only for adjustments and correction purposes. Since period 13 is not connected to a VAT period, all the VAT accounts that are used for this period must be emptied against The VAT liability account 2202.

This means that you can enter VAT journals in period 13, but these must be entered manually into the VAT liability account (2202) so that they appear as opening balances in period 1 of the next accounting year.

Example: If you have entered a sales invoice from a customer in period 13 this can be done as follows:

Account	Description	Debit	Credit
1100	Control Account	120
4000	Sales		100
2200	VAT on Sales		20

To empty account 2200 against the VAT liability account (2202) this can be done as follows:

Account	Description	Debit	Credit
2200	VAT on sale s	20
2202	VAT Liability		20