What is 'actual VAT' in SAP SBO - SAP Business One?

actual VAT - Overview

• Component: SBO

• Component Name: SAP Business One

• Description: The value added tax sum embedded in the journal posting.

actual VAT - Details

• 
  Key Concepts: 
  Actual VAT is a feature of SAP Business One (SBO) that allows users to track and manage the value-added tax (VAT) associated with their business transactions. It enables users to accurately calculate the amount of VAT due on each transaction, as well as to report and pay the correct amount of VAT to the relevant tax authorities. 
  
  How to use it: 
  In order to use Actual VAT, users must first set up their VAT accounts in SBO. This includes setting up the relevant tax codes, as well as defining the applicable rates for each type of transaction. Once this is done, users can then enter their transactions into SBO and the system will automatically calculate the amount of VAT due on each transaction. 
  
  Tips & Tricks: 
  It is important to ensure that all transactions are entered correctly into SBO in order for Actual VAT to work properly. Additionally, it is important to regularly review and update the applicable tax codes and rates in order to ensure that the correct amount of VAT is being calculated and reported. 
  
  Related Information: 
  For more information on how to set up and use Actual VAT in SBO, please refer to the official SAP Business One documentation. Additionally, there are a number of third-party resources available that provide additional tips and tricks for using Actual VAT in SBO.