Certain goods and services attract VAT, but the purchaser is not allowed to claim the VAT input.

The supply of all goods and services attract VAT (standard rated supplies) unless the goods or services are zero-rated or VAT exempt. You will also have access to your standard VAT Reports via the Reports button: You can allocate your VAT Return amounts to the correct VAT period by selecting the Link Payment and Link Refund option. This option allows you to view the VAT report for a previous VAT Period. This option allows you to view the VAT 201 Calculation report for a previous VAT Period. Consult with your financial practitioner. Please be careful before selecting this option. The values for each return may differ to the actual returns you have submitted to your revenue authority. If you select this option, all of your VAT Returns will be removed and you will have to set it up again. Any transactions that have been back dated prior to and including and that have not been included in any other VAT return will be included in the 12/2013 VAT return once you close this VAT period. For Example: All transactions in the VAT return for 12/2013 will be unmarked as finalised and you will be able to edit these transactions. Reopening a VAT return should only be done if your intention is to resubmit your VAT to your revenue authority. If you select the Close VAT Period button, Accounting will close off the current VAT period that you are working in and move over to the next VAT period. The table below will explain all the fields on the screen above: Field

Quick links to the VAT 201 and VAT Report relevant to that period.

Associated payments and refunds made for each period.

VAT payable or refundable for the period.

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

Back dated transactions will pull through to the current VAT Period (i.e.

No editing of transactions that have been submitted to the Revenue Authority.

Amounts owing should agree with the VAT payments that you have made.

These should agree to what you actually submit to your local revenue authority.With the VAT Returns and Reports Screen you will assigning transactions to particular VAT periods, and not specific date ranges. 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. Your VAT reporting does not always correlate to your financial reporting. With the VAT Returns and Reports screen you will be able to control all of your VAT reporting from one central place. 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. Purpose of the VAT Returns and Reports Screen:

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