English to German Bus/Financial SAP

All entries involved in the postings of VAT can be posted manually or automatically. Each country has an Input VAT, an Output VAT, and a VAT net receivable account available. Input VAT account entries are posted automatically during the vendor invoice processing, while Output VAT accounts entries are posted automatically during customer invoice issuance. At the end of the month the VAT input and VAT output accounts are aggregated and reclassified to either a **VAT net receivable account** or a **VAT net payable account** as appropriate. The balance of these accounts shows the receivable or payable from/to the tax authority in each country.