You can create the final VAT return to report to the tax authorities. The purpose of creating the VAT return is to calculate the amount of VAT that you should pay to or claim from the tax authorities.
Go to Finance ➔ VAT ➔ Statistics ➔ Value added tax and click New.
Select Trial to generate a test copy of the VAT return or Final to generate the final VAT return document for printing.
Select Existing to manually assign the VAT return to an existing return period or Automatically assign for the system to automatically assign the VAT return to a return period based on the defined criteria.
Note: If you have selected Existing, other fields shown in the above example that include Type, Financial year, Type, Period, and Date/Reporting date will not be available.
If you have selected Existing at Select, you can type or select an existing return period to which the VAT return will be assigned to. If you have selected Automatically assign at Select, this field will display the return period that will be assigned to the VAT return.
This displays the VAT type you have selected in General ledger settings under the VAT section. If you have selected the Flexible VAT system check box in the settings, Type will display Flexible VAT system. Meanwhile, if the VAT type in General ledger settings has been defined as Invoice system or Cash system, the corresponding VAT type will also be displayed at Type. For more information, see General ledger settings.
Select the financial year that you want the VAT return to be generated from.
Select the frequency option you want to generate the VAT return. Options available include:
Depending on the option you have selected at Frequency, select the period for which the VAT return is associated to.
Select Date to use the transaction date to filter the VAT transactions to generate the VAT return or Reporting date to use the reporting date to filter VAT transactions to generate the VAT return.
Note: This field will be disabled if you are using the Cash system VAT type.
Type or select the range of transaction dates at Date or the range of reporting dates at Reporting date to generate the VAT return based on transactions within the defined period range. Alternatively, select the All check box to generate the VAT return for all the dates.
Note: You will see Date or Reporting date depending on the selection of Date or Reporting date you have defined earlier.
Type or select the journal to create the VAT return entries in this journal.
Type or select the account code of the tax authority that the VAT return will be submitted to. This is the tax creditor you have defined when you create and maintain the tax codes at System/General/Countries/Tax codes. For more information, see Creating and maintaining tax codes.
Type or select the date which the final VAT return is registered.
Click this to generate the VAT return.
Click this to exit.