Home » Applications » Oracle Fusion Apps & E-Business Suite » Defination and purpose of vat interim recovery and recovery account (Defination and purpose of vat interim recovery and recovery account)  () 1 Vote
Defination and purpose of vat interim recovery and recovery account [message #274485] Tue, 16 October 2007 03:55 Go to next message
pocharam_anil
Messages: 8
Registered: April 2007
Junior Member


Hi everybody,

pls tell me the defination and the purpose of the vat interim recovery account and Vat recovery account. in the indian localisation.

Regards,

Anil

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Re: Defination and purpose of vat interim recovery and recovery account [message #274528 is a reply to message #274485] Tue, 16 October 2007 05:31 Go to previous messageGo to next message
milind3112
Messages: 42
Registered: July 2006
Location: Pune
Member
Hi Anil,

Vat Interim Account is a control account to track VAT is claimed or not. Like that & VAT Recovery Account is actual amount is claimed.

In VAT Interim Account shows balance amount of which is unclaimed receipts. So Interim balance should be always "ZERO" means all receipts VAT is claimed no pending transaction.

This is for india localization terms.

Regards,

Milind

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Re: Defination and purpose of vat interim recovery and recovery account [message #274539 is a reply to message #274528] Tue, 16 October 2007 06:20 Go to previous message
pocharam_anil
Messages: 8
Registered: April 2007
Junior Member


Thanks milind for u r suggestion on this ,do u have any notes on the vat regime in india localisation.

Thanks and regards,

Anil

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