Involved accounts: 1.-for the withholding of income supported and carried out: account debtor: Ret. INCOME by creditor CompensarCuenta: Ret. INCOME by find 2.-for (CF) tax credits and debits tax (DF) of IVA:cuenta debtor: VAT credits FiscalesCuenta creditor: VAT debits tax 3.-for supported and carried out VAT deductions: account debtor: Ret. CompensarCuenta creditor IVA: Ret. (learn about example company x:consideracion previous IVA: 1) for the purposes of this example are considered to both company X and Q special contributors and therefore VAT withholding agents. (2) In both cases the companies comply with turnover formalities provided for by law, accordingly retain 75% of invoiced VAT. (3) The titles used for the accounts are merely referential. (4) The majority of the administrative software at the domestic market, have modules and tools that allow the generation of major reports required for an efficient control of the fiscal operations, if your software not the contemplated or your company uses only an accounting software, you should handle the fiscal accounts with the necessary auxiliary.
(5) The letters in red at the beginning of each seat correspond to the cross-references with the analytical largest graph. Company X hires transport service by Bs. 10,000 company. seats: hiring: Fletes 10.000,00 VAT credits prosecutors 1.200,00 accounts pay company and 11,200, 00Al moment of the pago:bCuentas x x pay Company Y 11.200,00 Ret. INCOME by learn 300.00 * Ret. VAT per Find 900.00 10,000.00 Bank at the time of hearing: cRet. INCOME by learn 300,00 Bank 300, 00dRet.
Find IVA 900.00 Bank 900,00 now well, to clearly see all the movement of accounts sign-up a sale: Company X pays equipment maintenance service company QAl time billing: eCuentas x charge company Q. 22.400,00 VAT tax debits 2.400,00 sale services 20,000.00 Upon cobro:fBanco 20.200,00 Ret. INCOME by compensating 400,00 * Ret. VAT by compensate 1,800.00 accounts receivable company Q 22.400,00 seat VAT statement monthly x: gIVA debits tax 2.400,00 Ret. Compensate for VAT 1.800,00 VAT credits prosecutors 600.00 * notes * considered that the freight service is provided by a legal person Domiciliada, accordance with the retention is 3%. equal consideration but the aliquot is 2%, it refers to other unspecified services, contractors and subcontractors. The withholding of income supported are not compensated but at the end of the exercise with the definitive statement of income tax. ** The supported VAT withholding effect, many companies cannot compensate for their tax credits, in this example the only company could compensate Bs. 600 of the 1,200 remaining balance of 600 to be compensated as surpluses of tax credits for months prior, in future statements, however in some companies this pattern repeats monthly generating a pot that accumulates and moved from exercise in exercise, for this reason if the amounts are significant, companies opt to assign or sell the excess credits.