The company would have to invoice for any outstanding payments (if it still exists), If it no longer exists or it's been sold then I would say that you no longer have any claim to the money. Alan visage-photography.co.uk Telephone.0141 778 9303. Most countries with a value-added tax (VAT) employ the credit-invoice method. All sales by businesses are taxable, but sellers pass invoices on to the VAT-registered business taxpayers who purchase the sellers’ goods and services. These purchasers, in turn, claim a credit for taxes paid but then pay VAT on the full value of their sales.

The GCC Council has implemented 5% VAT in two countries –United Arab Emirates and Kingdom of Saudi Arabia from Jan. 1, 2018 onwards.

Implication of GCC VAT on invoices

In the VAT regime, all sales and purchase transactions need to be tax compliant. This means that invoices, debit notes, credit notes and other documents have to be printed as per the formats prescribed by the Federal Trade Authority (for UAE) and General Authority of Zakat & Tax (for Saudi Arabia), depending on where your business is located.

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VAT compliant invoicing

VAT compliance begins with VAT invoicing. Every single invoice that you generate or transaction you record must be done in a VAT compliant way. With Tally.ERP 9, you don’t have to worry whether you have raised an invoice correctly or not.

All you have to do in Tally.ERP 9 is to enter TRN (UAE) or TIN (KSA) and the period. As soon as you start recording transactions in Tally.ERP 9, the VAT ready software maps all the data with VAT rules. Let us look at some examples to understand this better.

• 1) Tally.ERP 9 applies VAT in invoices wherever applicable.
• 2) Verifies whether the TRN/TIN are correct or not and raises alerts when they need to be corrected.
• 3) Warns if manual alteration is done on already calculated values.
• 4) Gives you the flexibility to add expenses or discounts with VAT implication.
• 5) Shows how VAT calculation has been done for all the transactions.
• 6) Invoices are matched in registers, profit & loss account, balance sheet and other reports.

Invoices with multi-items and multi-tax types

With the simple one-time set-up for invoicing in Tally.ERP 9, you will be able to print accurate VAT compliant tax invoices right from day one. The simplicity with which a range of invoices can be created in Tally.ERP 9 gives an easy start for businesses who are planning to computerize their business practices.

Whether you are a white good trader or an exporter, Tally.ERP 9 helps to create invoices for all types of businesses. If you are a trader, you will need to enter only the name of customer, stock item, quantity and rates. If you are an exporter or an importer, then you will capture multi-items and multi-tax types such as foreign currency, applicable VAT, lengthy terms and conditions, bill of lading details and so on.

Multi-currency VAT invoicing

The multi-currency feature in Tally.ERP 9 allows business owners to record transactions involving multiple currencies. VAT gets calculated on the base currency and then you can print these tax invoices with the value break up of both the currencies.

VAT compliant invoicing as per prescribed norms

With Tally.ERP 9 your invoices will be VAT compliant as per the Federal Tax Authority (FTA) norms of UAE and General Authority of Zakat and Tax (GAZT) of Saudi Arabia. VAT compliant invoices can be generated in no time. While there are several VAT software available in the market, the software that you use must have the capability to seamlessly generate all kinds of VAT invoices easily and simplify your business practices.

Originally posted by SSA:G. Restrictions on Use of SoftwareYou may not use the Software for any purpose other than the permitted access to Steam and your Subscriptions, and to make personal, non-commercial use of your Subscriptions, except as otherwise permitted by this Agreement or applicable Subscription Terms. Originally posted by:account details view purchase history click your purchase i would like to view or print the receipt for this purchase voila Nope, no place to insert your VAT there sadly.You wouldn't be inserting your VAT, you would be using Valves VAT. That receipt page (at least for me.) clearly shows the breakdown of NET cost, VAT, total and lists their VAT details.Valve CorporationPO Box 1688Bellevue, WA 98009United StatesVAT ID: GB258434975Please note that this is not a returns address.I'm assuming they would need to be VAT registered in the company you are purchasing from.