1) VAT is a transaction tax that is paid by end consumers
2) Setting up of VAT Posting Group is the same as the General Posting Group
a) VAT Business Posting Group - Customers & Vendors (Who)
b) VAT Product Posting Group - Items & Resources (What)
3) VAT Business Posting Groups
a) FINANCIAL MANAGEMENT -> SETUP -> VAT POSTING GROUP -> BUSINESS
b) Code field can accept 10 characters
4) VAT Product Posting Groups
a) FINANCIAL MANAGEMENT -> SETUP -> VAT POSTING GROUP -> PRODUCT
b) used to calculate tax based on types of item perchased or sell.
5) VAT Posting Setup
a) Matrix of VAT Business Posting Groups and VAT Product Posting Groups
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