This form is displayed when you select Nominal Ledger > VAT Options > VAT Reconciliation. It displays VAT related balances for the following:
It also allows the user to view the detailed transactions that make up the overall balances for each code. For example, the user can actually drill into the transactions as far as the detail of a single invoice that has been produced in the relevant VAT period.
Period Selection
The VAT year and periods must be selected in order to display the information.
From Year: The first financial year that you want to view VAT data for.
Tip: This is not restricted to a specific number of years.
To Year: The last financial year that you want to view VAT data for.
Tip: This is not restricted to a specific number of years. However, in the case of To Years, obviously, you cannot go further than the current date.
From Period: The first financial period (usually month) that you want to view VAT data for.
To Period: The last financial period (usually month) that you want to view VAT data for.
Suppress unused account codes: If selected, does not display any account codes that do not have transactions posted to them.
Drill errors only: If selected, will highlight any errors where VAT amounts do not correspond exactly to the amounts that equate to the VAT rate. e.g. if a goods value of 100 was set to a VAT code of S [standard rate at 17.5%], the VAT should be 17.50 and the total for the document should be 117.50. Sometimes the VAT amount is not exactly the same as the rate would suggest e.g. 17.49, hence these type of errors are highlighted when the "drill errors only" box is checked.
Tabs:
Buttons:
Close: Returns the user to the VAT options menu.
Print current: Prints the currently selected period to the selected printer.
Print all: Prints all periods information to the selected printer.
Help: Displays online help in the default browser.
When the user is presented with the output tab, the grid presents the following fields:
Control Account: This is the control account used for VAT purposes for outputs- usually it will be either expense code 9642 or 9643.
Vat code: For every control account, there can be an entry for the VAT code- this is displayed as a single character.
Vat Group: This will display the VAT group that is related to the VAT code, e.g. UKL
DescriptionThe description that corresponds to the VAT code.
Vat rate: The rate for the relevant VAT group and VAT code.
Goods amount: This field is divided into two halves- Invoices and Credit Notes. Hence it will show the [net of VAT] amounts for each VAT rate, both for invoices and credit notes.
VAT amount: This field is similar to Goods amount, but will show the VAT portion for each VAT rate, hence for VAT rates that are zero rated, there will be no figures populated in this field, but there will be for goods amounts.
Nominal Transaction summary: The user also has the ability to perform detailed queries on the amounts displayed for each code, by clicking the mouse into the relevant line of the VAT Reconciliation Summary grid for goods OR VAT amounts. This will display all the relevant transactions that total to the amount displayed in the VAT Reconciliation Summary. More detail is displayed in terms of where the document was sourced, the document and daybook number, as well as the breakdown of the goods and VAT amounts. At this point the user can either Close or access online Help, or can right click on an individual line to access one of the following options:
Tip: Those transactions where the tax values do not equate to the rate applied to the goods, are highlighted in RED.
Display Document details: This displays the Document for all VAT codes form, which explains in further detail all the information for the document required , including references and the status of the document, as well as the goods and VAT amounts. The user can either Close, access online Help, or display the Document itself if is has been archived.
Display actual document: This option is identical to that when the user clicks the Document button in the Display Document details option as discussed above.
Drill on daybook number: By selecting this option, the grid displays all the transaction lines for the daybook the VAT transaction was allocated to. The user can double click on the individual lines in order to view more detail [including the document itself], or alternatively can click the buttons Detail, or Document. The user can also click Close to return to the menu, or Help to access online help.
Reconcile errors: If the VAT value calculated from the goods value is different to the calculated value [calculated by Autoline], a difference will be displayed and the user can make an amendment. If the values are not different, the fields will not be editable.
The functionality and display is identical to the Outputs tab, except it displays the Input [purchasing side of VAT] transactions.
This tab displays the Inputs and Outputs together, along with the balances that are found in the Nominal Ledger.