In October 2017, the Ministry of Finance published an OMFP Project on completing some accounting regulations, namely the introduction of two asset accounts in the General Accounts plan, 5126 “RON bank accounts – VAT deducted” and 5127 “Foreign currency account – split VAT”.
Through them, the transactions regarding the collection and payment of VAT in RON and in foreign currency, representing VAT collected from customers, respectively VAT paid to suppliers and state budget, will be highlighted.
The transactions recorded in these accounts refer to:
- VAT collection operations related to supplies of goods/services, including VAT on advances received, VAT on the difference between cash receipts and payments, and VAT on debit/credit card payments or cash substitutes for which there is an obligation to transfer from your current account to your VAT account.
- VAT payment transactions in the supplier’s / service provider’s VAT account, including the advance payment, the VAT paid to the state budget, and the transfer of amounts from the VAT accounts to another VAT account.
Consult the OMFP Project here.
Article created by Contabiz Expert Accounting