In January 2009, a bill was passed that allowed businesses to reimburse VAT on advance payments that were transferred by the buyer. At the same time, there are a number of subtleties that are associated with the calculation of value added tax and the execution of invoices.
Instructions
Step 1
Read clause 12 of Article 171 of the Tax Code of the Russian Federation, which states that the right to deduct VAT appears for the buyer who made the advance payment, if this procedure corresponds to the seller's obligation to pay VAT on the advance payment. This means that the amount of the deposit must be documented with an invoice, contract or document that confirms the actual transfer of the partial payment.
Step 2
Receive an invoice for advance payment within five days of receiving your advance payment. This requirement is established by clause 1 of article 168 of the Tax Code of the Russian Federation, and in case of violation of it, the tax inspectorate may refuse to refund VAT on advances to the buyer. In this regard, it is necessary to check the dates of the issued invoices and ask the seller, if necessary, to make the appropriate adjustments.
Step 3
Check the correctness of the invoice. It must be drawn up for the amount of the received advance, even if it was transferred in non-cash form, indicating the full name of the goods.
Step 4
Enter data on VAT from advances in accounting. If you are a buyer, then reflect the transfer of the advance payment on the credit of account 51 "Current accounts" and the debit of subaccount 60 "Calculations of advances issued". After that, deduct the calculated VAT and reflect the operation on the credit of sub-account 76 "VAT on advances" and the debit of sub-account 68 "Calculations for VAT".
Step 5
After receiving the goods, make the entry: credit 60 "Accounts with suppliers" - debit 41 "Goods". Reflect the input VAT on the debit of account 19. After that, refund the VAT on advance payments by opening a credit on account 19 and a debit on account 68.
Step 6
Accept the deduction of VAT on advances, if you are a seller, by opening a credit on account 76 "VAT on advances received" and a debit on account 68 "Calculations for VAT".
