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This text refers to program version 8.5  

VAT Report

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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 VAT Report is fully user-definable. Using a typical report definition, the report will summarise the postings made to the Input and Output VAT Accounts during the specified period, and will also show the total Inputs (purchases) and Outputs (sales).

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 (Account 835 in the Chart of Accounts supplied with Standard ERP). 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.

If your company has separate departments or subsidiary companies with different VAT Numbers, you will usually have separate Companies for each VAT entity in your database, or separate databases. You will therefore be able to print separate VAT Reports for each VAT entity from each Company or database. So, although the option is provided, you usually won't need to print different VAT Reports for specific Tags/Objects.

If you do need to print a VAT Report for a specific Tag/Object in a single Company, you should ensure that you are using the Tags/Objects on VAT Account options in the Account Usage S/L and Account Usage P/L settings. When a Nominal Ledger Transaction is created from a Sub System record (e.g. from an Invoice or Purchase Invoice), these options will cause any Tags/Objects used in the Sub System record to be attached to the VAT posting (as well as to the Sales and Cost Accounts). If you are not using these options, Tags/Objects will not be assigned to VAT postings and so the report will not be able to display the balances of the Output and Input VAT Accounts for particular Tags/Objects. You will also need to ensure you use the correct Tags/Objects when manually entering Transactions that post to the VAT Accounts.

Be careful if you are using hierarchical Tag/Object structures in a single Company. Producing separate VAT Returns for each Tag/Object will be prone to error because of the risk of double-counting as each posting can have more than one Tag/Object.

Please follow the links below for more details about the VAT Report:

• The Definition of the VAT Report
  

• Example VAT Report Definitions
  

• Printing the VAT Report
  

• Submitting the VAT Report electronically (UK only)

Reports in the Nominal Ledger:

• Introduction
  

• Definition of Nominal Ledger Reports
  

• Drill-down
  

• The Operations Menu
  

• Account Reconciliation
  

• Accrual Report
  

• Analytical Balance
  

• Analytical Balance (Fiscal purposes)
  

• Balance Sheet
  

• Bank Reconciliation
  

• Bank Statement
  

• Bank Transactions
  

• Base Currency Rate Change
  

• Budget Journal
  

• Cash Flow
  

• Chart of Accounts
  

• Correction List
  

• Corresponding Accounts
  

• Creditors Account
  

• Currency A/C Rate Change
  

• Daily Balances
  

• Debtors Account
  

• Forward Balance Journal
  

• Income & Expense Book
  

• Key Financial Ratios
  

• Liquidity Forecast
  

• Multicurrency Accounts Rate Difference
  

• N/L Accrual Transactions
  

• N/L Transfer, Subsystems
  

• Nominal Ledger
  

• Profit & Loss
  

• Revised Budget Journal
  

• Simulation Journal
  

• Tag/Object Results
  

• Tag/Object/Quantity Results
  

• Tax Account Balances
  

• Tax Calculations
  

• Tax Transactions for Registers
  

• Template Transaction Journal
  

• Test Corresponding Rules
  

• Transaction Journal
  

• Transaction Summary
  

• Trial Balance
  

• VAT Listing
  

• VAT Report
  

• VAT Report Purchases
  

• VAT Report Sales
  

• VAT Transaction Journal
  

• XBRL Report

Go back to:

• Home page for Nominal Ledger manual
  

• Home page for Standard ERP manual

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