Tasks to be completed when documenting an operation (from creation to publication)

 1. Enter the Title of the operation / page

2. Add the following Labels : 

    • Scope of applicability: ww, country_accounting 

    • Country or group of countries (if applicable): belux, china, france, italy, lam, nam, uk_ie, bulgaria, dach, netherlands, iberia, poland, latvia, australia, india, japan, south_korea, thailand, singapore

    • Unit and Domain according to the List of labels to be used in the Finance Service Line space

      • E.g. 1: WW Operation in Financial Accounting under domain "Central Finance Processes & Compliance":
        • Labels to be used: ww, financial_accounting, central_fin_proc_compliance

      • E.g. 2: France Operation in Financial Accounting:
        • Labels to be used: country_accounting, france, financial_accounting
          (for country operations, the Domain is always country_accounting)


3. Fill in all fields as described above

 4. Once the description of the operation is completed, ensure it is approved and published by launching the SBS-Finance approval workflow 




Domain: Country Accounting



Responsibility area: N/A


Table of contents 

By default the table of contents displays Heading 1 & Heading 2 (other levels can be added)



Scope

3. Remove the icon when not applicable

To be confirmed!

ERP

4. Remove the icon(s) when not applicable

To be confirmed!

Frequency

5. Remove the icon(s) when not applicable

 

 To be confirmed!

References

6. Add the link to SAP transaction(s) (when it exists)


Forms

7. Insert the links accordingly and change the link text with the OP name

LU - VAT Reclassification


Attachments

8. Add the link to attachments or external links



To be filled! << >> To be filled!



1. Objective and Scope

1.1 Objective of this Operation

The purpose of this document is to explain the steps to follow in order to post the VAT Reclassification in Luxembourg companies that are not subject to VAT.

1.2 Scope

This operating procedure (OP) applies to company 1420 (Solvay Chlorovinyls Holding) in Luxembourg. This OP should be executed on D+1 at 6:00 pm.

2. Definitions

See Finance Glossary:

  • (add if necessary)


3. Tasks description

3.1. Checking the VAT accounts

Run transaction S_ALR_87012277 with variant LU VAT RECLASS:





Check if the VAT accounts (2411* and 2451*) have balance during the period:

3.2. VAT Reclassification Posting

If the accounts are unbalanced, a reclassification must be done to a P&L account 6400100001 - "Non-deductible VAT, current year".

3.3. Clearing VAT accounts

After posting the VAT Reclassification, the following accounts should be cleared:

  • 2411020000 : VAT/TAX receivable-intracommunities
  • 2451020000 : VAT/TAX payable-intracommunities
  • 2411030038 : VAT receivable LU
  • 2451030038 : VAT payable LU

3.4. Check VAT accounts balance = 0

Run again transaction S_ALR_87012277 with variant LU VAT RECLASS and update the period: and the balance should be 0.


End of document.