Settling VAT for the period
Transaction
At the end of the VAT period, output VAT amounts to {outputVat} and deductible input VAT to {inputVat}. Offset them and pay the balance to the tax office by bank transfer today.
No equivalent in this convention
The US convention has no VAT. Sales tax has no input tax to offset: a business simply pays over the sales tax it collected.
Choose another convention above to practice this entry.