When you pay the Tax Authority your VAT liability, you need to record it to reduce your VAT liability on your balance sheet.
Assume you've made a payment of SAR 10,000 for your VAT liability to the Tax Authority. To record this payment:
- Go to
Bank transactionson the left side menu.
- Click on
Transactionson the bank account you made the payment from.
- On the transactions sheet in a new row, enter the following:
Dateyou made the payment.
Description, for example, "VAT payment for Jan-Mar 2022".
Amountpaid. Make sure you enter the amount as a negative, i.e.
-10,000, since this is money leaving the account.
Classify to account, choose
VAT is a system account
VAT account is the system account that Wafeq uses to keep track of your VAT.