Whenever a VAT Return is due you should print a VAT Report. This report will act both as a transaction document for the ledger and as the basis for payment.

The report summarises the postings made to 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 you have printed a VAT Return 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 HansaWorld Enterprise). 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. The date of this Transaction must be within the period it concerns, and preferably it should be the last Transaction of the period. You can then enter a second Transaction transferring the amount payable/receivable to your bank account when you issue or receive payment.

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 you must follow this procedure:

When Nominal Ledger Transactions are created from Sub Systems, any Objects used are not attached to the VAT posting (unless you are using the Add VAT Code to VAT A/C Rows option in the Transaction Settings setting). The Consolidated Export can impose an Object on each VAT posting for use by the consolidated Company.
If you are using hierarchical Object structures 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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