Set the VAT account opening balances for the new year to zero

You can set Profit up so that the closing balance of the VAT account is displayed in another account and each new financial year the opening balance for this VAT account can start atzero. This is not necessary but sometimes required.

Note:

You only use the Deviating balance sheet account field in exceptional situations. For example, for VAT accounts for which you do not want to maintain a continuous balance but want to start with a new balance each year. In this field you can, for example, select the ledger account Btw saldo vorig boekjaar. With this method of working, you treat a balansrekening as a kostenrekening.

This field is niet intended for the placement of the result for the current year (profit or loss) on the opening balance of another ledger account (for example, for retained earnings). You moet do that using a general journal entry.

To set the opening balances for the VAT accounts for the new year to zero:

1. Go to: Financial / Ledger / Ledger account
2. Open the properties of the VAT account.
3. Go to the tab: Extra.
4. Enter a deviating ledger account in the Deviating balance sheet account field. This is the account on which the opening balance for this account must be displayed.