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Dynamics 365 Business Central – A Method for posting VAT Opening Balances when going LIVE mid VAT Period

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#balances

#live

#method

#posting

Dynamics 365 Business Central

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Oct 30, 2024

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AI Summary

  • The article discusses the challenges of going live with Business Central mid-VAT period.
  • It mentions the option to use bridging software for VAT submission or to post an opening VAT position via a journal entry.
  • The post provides steps on how to use a General Journal to record VAT entries from the previous system.
  • It includes an example with VAT figures for different boxes on the VAT Statement.
  • The article highlights the importance of setting a large value in the "Max VAT Difference Allowed" field in the General Ledger Setup.
  • It explains the process of entering VAT General Ledger codes, selecting relevant VAT Posting Groups, and entering VAT amounts in the General Journal.
  • The author shows how the VAT entries net each other out in the General Ledger, while still being reflected on the VAT Statement.
  • The conclusion emphasizes the method of posting a journal to record VAT entries when transitioning to Business Central during a VAT period.

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