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Accounting
VAT Reconciliation
Overview#
The VAT Reconciliation module lets you link transactions to VAT Reconciliations including transactions that are O ut of P eriod . The list view can be filtered by Date (the default date filter is Fin Year), Entity and Status .
A red warning bar appears if the Reconciliation dates overlap.
Each VAT Reconciliation calculates the VAT due for the selected period and blocks the included transactions from being changed.
Settings#
General Settings#
Navigation Example Main Menu > Setup > Settings > General (tab)
Note The defaults are the values for new databases, new users and new Transaction Types. Your database may have different values.
Setting Description Default Accounting > Default: VAT Type (Forex/Exempt) Select the VAT Type created for Exempt supplies from the dropdown list of VAT Types. 1 Accounting > Default: VAT Type (Standard) Select the VAT Type created for Standard supplies from the dropdown list of VAT Types. 1 Accounting > Exclude Transaction ID's from VAT Reconciliation (e.g. <> 2, not in (1,2,3)) Use this setting to exclude the periodic VAT Payments or Refunds from the VAT reconciliations. Blank Accounting > VAT Reporting Frequency (Months) Enter the number of months in the Value column. This information is used for the VAT Reconciliations. 2
User Settings#
Navigation Example Main Menu > Setup > Settings > User (tab)
Setting Description Default Accounting > VAT Reconciliation - Access Allowed The options are:None: No access is allowed.User: You can prepare or view the reconciliation.Administrator: May delete, edit and change the Statuses of VAT reconciliations. None
Statuses Explained# Status Description Pending The reconciliation can be edited. Users with Administrator access can delete it. Complete The reconciliation is read-only and cannot be deleted.
List View#
Info The List View displays a summary of all the VAT Reconciliations for the selected period.
Navigation Example Main Menu > Accounting > VAT Reconciliation
Button Description View Creates a list of VAT Reconciliations based on the selected filters. New Creates a VAT Reconciliation. Output Outputs PDF documents if templates are added. Options are Print, Preview and Email. Menu Reset Data Filters: Resets the filters to their defaults.Email Excel: Exports the grid display in Excel format.Layout & Grids Save Save (All Users) Restore Default (All Users)
Filters Explained#
Filter Description Set Sets a specific period such as Today, This Month, This Year, Fin Year. ← → Adjusts the date forwards or backwards. Date Further refine the dates. Status Displays only reconciliations that match the selected status.
Fields Explained#
Field Description Field Chooser (*) Add or remove columns. ID The system-generated number for the reconciliation. Status The status of the reconciliation. From The Start Date of the reconciliation. To The End Date of the reconciliation. Out of Period The amount included in the reconciliation for transactions that have dates that do not fall within the applicable VAT reconciliation period. Output The final Output amount that must be declared. Input The final Input amount that must be declared. Balance The final VAT amount that must be paid or refunded. Note A preview of any notes linked to the reconciliation. Menu (...) Submenu to either Edit or Delete the reconciliation.
Edit View#
Info Use the Edit View to include or exclude transactions from the VAT Reconciliation.
Navigation Example Main Menu > Accounting > VAT Reconciliation > Double-click to open a reconciliation
Button Description ↑ ↓ Scrolls through the reconciliations. Output Outputs PDF Templates (e.g. VAT Summary). Options are Print, Preview and Email. New Create a reconciliation. Delete Deletes the reconciliation. Save Saves information or refreshes. Done Sets the reconciliation to a Complete Status and displays a summary that is required for the VAT return. Menu Email Excel: Exports the grid in Excel format. Layout & Grids Save Save (All Users) Restore Default Layout (All Users) Add Opens an interface where transactions can be selected and added to the recon. Remove Removes the selected transactions from the recon.
Period Dates Fields Explained#
Field Description From The Start Date of the reconciliation. To The End Date of the reconciliation.
Out of Period Fields Explained#
Field Description Output The value of Output for out-of-period transactions included in the reconciliation. Input The value of Input for out-of-period transactions included in the reconciliation. Balance The net effect of out-of-period transactions (Output less Input).
Total Fields Explained#
Info The Total section includes any out-of-period transactions.
Field Description Output The Output that must be declared on the VAT Return. Input The Input that may be claimed on the VAT Return. Balance Due The final VAT amount that must be paid or claimed back. (Output minus Input).
Outstanding Transactions (Popup)#
Info Outstanding transactions are listed when Add (button) is clicked.
Buttons Explained
Field Description View Displays a list of outstanding transactions. Menu Layout & Grids Add Adds the selected transactions to the reconciliation. Close Closes the Outstanding (Transactions) popup.
Filters Explained
Filter Description Show Zero-VAT Includes transactions on which VAT Types were used that resulted in zero VAT. Show Out-of-period Includes transactions that match the dates, but not the period of the VAT reconciliation.
Fields Explained
Field Description Field Chooser (*) Add or remove columns. TransID The system-generated number that is allocated to the transaction. Status The Header Status of the transaction. Trans Indicates what the Transaction Type (Transaction) is. No. The Transaction Number that is automatically assigned to each transaction in sequential order. Period The Period that was selected on the transaction. Company The Customer or Supplier selected on the transaction. Reference The reference captured on the transaction. Total (Exc) The VAT exclusive transaction amount. VAT The VAT amount on the transaction. Total (Inc) The VAT inclusive transaction amount.
Transaction Fields Explained#
Field Description TRIALITEM The system-generated number for the transaction in the ledger. TransID The system-generated number for the transaction. Status The Header Status of the transaction. Type The type of VAT in terms of Input or Output . Trans A code identifying the Transaction Type. No. The Transaction Number that is automatically assigned to each transaction in sequential order. Period The Period that was selected on the transaction. Item The Item Number that is automatically assigned to transactions with multiple items. Dr Account The ledger account that was debited. Cr Account The ledger account that was credited. Reference The reference captured on the transaction. Description The Item Description as per transaction. Output The Output Amount per item. Input The Input Amount per item. VAT Type The VAT Type selected per item. Total (Exc) The total VAT Exclusive amount. VAT The Total VAT Amount on the item. Total (Inc) The total VAT Inclusive amount. Dr Acc No. The account number (code) for the account debited on the transaction. Cr Acc No. The account number (code) for the account credited on the transaction. VAT No. The Customer or Supplier's VAT registration number. Trans Date The transaction's date.
Transaction Types Summary#
Field Description Transaction Types Lists the Transaction Types that were included in the reconciliation. Output The total Output VAT per Transaction Type . Input The total Input VAT per Transaction Type.
VAT Types Summary#
Field Description VAT Type Specifies the VAT Types that were included in the reconciliation. Output The Total Output VAT per VAT Type. Input The Total Input VAT per VAT Type.
Output Templates#
The following Data Pipelines are available:
VAT_Filter: Exposes the Date, Branch and Status filter.VAT_Header: The VAT Recon header fields.VAT_Transactions: The Transactions included in the VAT Recon.VAT_Sum_TransTypes VAT_Sum_VATTypes
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