Authorized dealer is permitted to deduct VAT on business expenses and must pay VAT on its income.
IRS bookkeeping instructions Binding every business managing different books, therefore the accountant will instruct you what is allowed and what is not, and what books you need to manage.
Usually, it is not limited to the invoice / receipt ..
Up to certain financial turnover set by law, accounting required by law is a one-sided (registered only income and expenses) above the income ceiling, the business required in double bookkeeping, just like a company.
Preferably, to open a separate bank account for business but it is not necessary.
Licensed dealer, gives its customers an invoice so they are entitled to deduct VAT as a refund … not so in VAT exemption dealer.
VAT exemption – small business
Licensed dealer – Large/Medium business
Company Limited – big business