Using NS International if VAT Liability per Balance Sheet does not reconcile with VAT on Purchase and VAT on Sales, verify if the latter reports are set at accrual basis and not at cash basis of reporting.
Note that the Balance Sheet report in NetSuite is set at accrual basis of reporting.
To set VAT on Purchases and VAT on Sales to Accrual Basis, users are given the following options:
- Navigate to Setup > Accounting > Setup Taxes > uncheck Tax Reporting Cash Basis
- Navigate to Reports > VAT > VAT on Purchases > click Customize > More Options > uncheck Cash Basis