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Hai, I'm using Odoo community edition 10.0 in Dubai, UAE. as per new VAT. each invoice should be VAT 5%. so for a one quotation, I created 50% advance for that with VAT5%, then in the final invoice I deduct the advance but I forget to deduct that VAT 5% on advance. I created invoice and sent to client without deduct that previously invoiced VAT amount.
client also paid. now I have that excessively paid VAT amount. How can I repay that excess paid VAT amount and adjust my VAT returned?
Can you explain the steps in the odoo, how to do that?
For adjusting the accounting books, you can just book Journal Entries. In the journal entries, in the first line, select the account as the Tax account and the Debit amount as the excess amount. In the next line, select the account as any adjustment account and the Credit amount as the excess amount. Then post the entry. This should correct your accounting reports.
For the excess Tax amount, you can Debit the Tax account and Cr the amount to an adjustment account.
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