According to Hungarian tax law of 2008, companies must process certain financial documents for taxation purposes. If these tax-related documents are prepared in foreign currency, they must also show the transaction amount in local currency. The required documents include:

  • Invoices

  • Free text invoices

  • Project invoices

  • Credit notes

  • Corrective invoices

Companies are free to select the exchange rate used to calculate VAT for the VAT statement. The exchange rate selected for VAT calculation can be different from the exchange rate used for company accounting functions.

  1. Click General ledger> Setup> Sales tax> Ledger posting groupsto open the Ledger posting groupsform.

  2. In the Ledger postinggroup, enter the ledger posting group.

  3. In the Descriptionfield, enter the name of the ledger posting group.

  4. In the Sales tax payablefield, select the ledger account number to ascertain the sales tax payable discrepancy and to offset the transaction.

  5. In the Sales tax receivablefield, select the ledger account number to ascertain the sales tax receivable discrepancy and to offset the transaction.

  6. Press CTRL+S or close the form.