Whenever a VAT Return is due you have to print a VAT Report. The report is used both as a transaction document for the ledger and as the basis for payment.

The report summarises the Input and Output VAT Accounts for the specified period, and also shows the total Inputs (purchases) and Outputs (sales). A positive total indicates that you are liable for VAT, a negative one signifies that you are owed money by the VAT authority.

Once a VAT Return has been printed for a given period, it is recommended that you enter a Transaction in the Transaction register transferring the VAT amount payable/receivable into the VAT Payments Account (835 in the Chart of Accounts supplied with Hansa). This Transaction would debit the VAT Outputs Payable Account (830) and credit the VAT Inputs Receivable Account (831), with a balancing posting to the VAT Payments Account. This Transaction must be entered within the period it concerns, preferably as the last Transaction of the period. The amount payable/receivable can then be transferred to your bank account with a further Transaction when payment is made/received.

In certain circumstances only, you can print different VAT Reports for specific Objects, which is useful if your Objects represent different departments with different VAT Numbers. For you to be able to do this, each VAT entity must have its own database or Company. For each, carry out a Consolidation Export, specifying a unique Object in the Cons. Object field. Import these files to a database or Company representing your consolidated accounts and then print a VAT Report for each Cons. Object.

There are two reasons why this procedure must be followed:

When Nominal Ledger Transactions are created from Sub Systems, any Objects used are not attached to the VAT posting. The Consolidated Export can impose an Object on each VAT posting for use by the consolidated Company.
If hierarchical Object structures are used in a single Company, producing separate VAT Returns for each Object would be prone to error.

Please click for details about:

The definition of the VAT Report;
Printing the VAT Report.

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