Sorry for another question here. We are required to show the VAT on Purchases and VAT on Sales as a net amount in our Balance Sheet. Is this achievable without creating a manual journal to transfer it to a net GL account? I'm thinking of customizing the Balance Sheet or creating new GL accounts with the same type, so that I can establish a parent-child relationship (not through Setup > Accounting > Tax Control Account. But I'm not sure which is the best route. Thanks!

Journalling it around would be very weird. Who requires this? Someone in your company just wants to look at the number?

No. It's a statutory requirement - subsidiary outside US.