Vat Returns and Reports

This article details how to access and make use of VAT Returns and Reports

In Accounting you are required to manage your VAT Returns using the VAT Returns and Reports screen.

To access the VAT Returns and Reports screen, click on the Accountant’s Area > VAT > VAT Returns and Reports menu option.

Click on the Next button to continue.

Enter your Company VAT Number.

Each VAT period requires a submission and typically ends on the last day of the month with the submission typically due on the 25th of the following month. Enter your last VAT Period End Date and your last VAT Submission Due Date. We will use these dates to determine your next VAT Period End Date and when your next VAT return is due.

Click on the Next button:

Click on the Finish button.

Purpose of the VAT Returns and Reports Screen:

VAT is a strictly regulated area of any business and keeping your figures accurate, reliable and up to date is essential to avoid issues with the authorities. With the VAT Returns and Reports screen you will be able to control all of your VAT reporting from one central place.

Your VAT reporting does not always correlate to your financial reporting. Sometimes you will record transactions in one month and only account for the VAT in another month, this can often happen if you are behind on your processing.

With the VAT Returns and Reports Screen you will assigning transactions to particular VAT periods, and not specific date ranges.

Benefits of VAT Periods:

• These should agree to what you actually submit to your local revenue authority.
• Amounts owing should agree with the VAT payments that you have made.
• No editing of transactions that have been submitted to the Revenue Authority.
• Back dated transactions will pull through to the current VAT Period (i.e. no missing of VAT Transactions).

The screen will display a list of all of your VAT Periods detailing relevant information pertaining to each period:

• VAT payable or refundable for the period
• Associated payments and refunds made for each period
• Quick links to the VAT 201 and VAT Report relevant to that period

The following screen will be displayed:

You will also have access to your standard VAT Reports via the Reports button: