include VAT in fixed assets for public sector
As a local government administration in Belgium (Wallonia), we have to account VAT in fixed asset value for both National VAT and intracom VAT.
It the VAT is not included, the valuation and depereciation process is false regarding our accounting rules.
Category: Fixed assets (200)
EU localization requirement - General Budget Reservation (GBR) - public sector
In Belgium, it is required to produce a full budget ledger within the General Ledger. Therefore, GBR is used. GBR must be carried forward where it is not completely used / consumed. It is required to report a separate set of financials for the General Ledger and another for Budgets (another ch...
Category: Budgeting (204)