VAT Reconciliation

Overview 

• A VAT Reconciliation marks transactions reconciled and creates a summary from which a VAT return can be completed.

• BOS Professional allows users to include transactions that are Out of Period (e.g. transactions that were entered after the previous VAT reconciliation was finalised).

• All transactions that are linked to an account that is set to update VAT Output or Input can be reconciled including transactions that are Zero-rated or Exempt.

• A red warning is displayed when reconciliation dates overlap.

• Each VAT Reconciliation continues where the previous one left off.  Reconciling an entry typically changes the status on transactions to indicate they are reconciled and blocks them from being edited.

Navigation: Main Menu > Accounting > VAT Reconciliation

Settings 

User Settings

Navigation: Main Menu > Office > My Organisation > Double-click to open a Staff File > Settings (tab)

• Accounting > VAT Reconciliation - Access Allowed

• Options include None, User, and Supervisor.

• Supervisor rights are required to change the Status of a completed VAT recon and to delete a VAT recon.

General Settings

Navigation: Main Menu > Setup > Settings & Defaults

• Accounting > VAT Reporting Frequency (Months)

• Defaults to two months.

• Used for period selection for VAT reconciliations.

List View 

The List View displays a list of VAT reconciliations.

 Buttons Explained 

• Reset: Resets the Data Filters to default.

• View: Generates a list of VAT reconciliations based on the selected data filters.

• New: Creates a new VAT reconciliation.

• Output: Print, Previews, or Emails PDF documents as selected from the dropdown list: VAT Summary and VAT Statement. 

• Menu

  • Export

    • Email Excel: Opens an email with the grid view in Excel format attached.

  • Layout

    • Save Grid

    • Save Grid (All Users)

    • Restore Default Grid (All Users)

Data Filters Explained  

• Set: Sets a specific period such as Today, This Month, This Year, or Fin Year.

• ←    →: Adjusts the date in the direction of the arrows.

• Date: Allows users to select custom dates.

• Status: Dropdown list to select reconciliations that are Pending, Complete, or both.

Fields Explained  

• ID: The system-generated number allocate to 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 Number of Transactions that are out-of-period and included in the reconciliation. 

• Output: The Output Amount that is included in the reconciliation. 

• Input: The Input Amount that is included in the reconciliation.

• Balance: The VAT Amount due.

• Note: The note typed on the status bar of the reconciliation.

• Menu (...): Submenu to Edit or Delete the reconciliation.

Edit View 

Edit View is the interface where transactions are selected to include in the reconciliation.

Navigation: Main Menu > Accounting > VAT Reconciliation > Double-click to open a Reconciliation

Buttons Explained  

• ↑   ↓: Used to scroll through reconciliations.

• Status: Used to update the reconciliation's status. Once complete, the VAT summaries are displayed.

• Output: Print, Previews, or Emails PDF documents as selected from the dropdown list: VAT Summary and VAT Statement. 

• New: Create a new VAT Reconciliation.

• Save: Saves information and refreshes the calculations and display.

• Done: Changes the status of the reconciliation to Complete.

• Delete: Deletes the reconciliation. 

• Menu

• Export

  • Email Excel: Opens an email with the grid view in Excel format attached.

  • Layout

• Save Grid

• Save Grid (All Users)

• Restore Grid

• Restore Default Grid

• Restore Default Grid (All Users)

• Transaction Buttons:

  • Add: Adds a transaction to the Included section.

  • Remove: Removes a Transaction from the Included section.

Fields Explained 

Period Dates

• From: The Start Date of the reconciliation.

• To: The End Date of the reconciliation.

Total (Out of Period)

• Output: The total Output value of out-of-period transactions included in the VAT Reconciliation.

• Input: The total Input value of out-of-period transactions included in the VAT Reconciliation.

• Balance: Output minus Input for out-of-period transactions.

Total

• Output: The total VAT Output included in the reconciliation.

• Input: The total VAT Input included in the reconciliation.

• Balance Due: The VAT amount due (Output minus Input).

Outstanding (Transactions)

Outstanding (Transactions) is a popup which is opened after Add (button) is clicked.

• Zero-VAT (checkbox): Includes zero-rated transactions in the selected period that that have not been included in a VAT Reconciliation.

• Out-of-period (checkbox): Includes transactions that have not been included in a VAT Reconciliation (e.g. entries entered after the previous VAT reconciliation had been finalised) and that predate the selected period.

• View (button): Displays a list of outstanding transactions.

• Menu (button): Layout & Grids

• TransID: The system-generated transaction number assigned to each transaction in sequential order.

• Status: The Header Status of the transaction.

• Trans: A code that indicates what the Entry Type (transaction) is.

• Ledger ID: The system-generated ledger number that is automatically assigned to each ledger entry in sequential order.

• Doc No.: The transaction's document number (e.g. invoice number).

• Period: The period to which the transaction was posted.

• Company: The Customer or Supplier on the transaction.

• Reference: The reference captured on the transaction.

• Total (Exc): The VAT exclusive transaction total.

• VAT: The VAT amount on the transaction.

• Total (Inc): The VAT inclusive transaction total.

Transactions

• Field Chooser (*): Used to add or remove columns.

• ID: The system-generated number allocated to the entry.

• TransID: The system-generated transaction number assigned to each transaction in sequential order.

• Status: The Header Status of the transaction.

• Type: Indicates whether the item is Input or Output VAT.

• Trans: A code that indicates what the Entry Type (transaction) is.

• Ledger ID: The system-generated ledger number that is automatically assigned to each ledger entry in sequential order.

• Doc No.: The transaction's document number (e.g. invoice number).

• Period: The period to which the transaction was posted.

• Item: The order of the item on the transaction (i.e. line number).

• Dr Account: The account that was debited.

• Cr Account: The account that was credited.

• Reference: The transaction's reference.

• Description: The item's description on the transaction.

• Code: The item's code on the transaction.

• Output: The output amount for the item.

• Input: The input amount for the item.

• VAT Type: The VAT Type selected for the item.

• Total (Exc): The item's VAT exclusive total.

• VAT: The item's VAT amount.

• Total (Inc): The item's VAT inclusive total.

• Dr Acc No.: The account number of the account that was debited.

• Cr Acc No.: The account number of the account that was credited.

• VAT No.: The Customer or Supplier's VAT number.

• Trans Date: The transaction's creation date. Transaction Dates are automatically set to today's date when created, but the dates can be edited.

Summary - Entry Types 

• Field Chooser (*): Used to add or remove columns.

• ID: The system-generated number for the entry.

• Entry Type: Lists the Entry Types included in the reconciliation.

• Total (Exc): The VAT Exclusive totals by Entry Type.

• VAT: The VAT totals by Entry Type.

• Total (Inc): The VAT Inclusive totals by Entry Type.

• Output: The total Output VAT by Entry Type.

• Input: The total Input VAT by Entry Type.

Summary - VAT Types

• Field Chooser (*): Used to add or remove columns.

• ID: The system-generated number for the entry.

• VAT Type: Specifies the VAT Types that were included in the VAT Reconciliation.

• Total (Exc): The VAT exclusive totals by VAT Type.

• VAT: The total VAT amount.

• Total (Inc): The VAT inclusive totals by VAT Type.

• Output: The total Output VAT by VAT Type.

• Input: The total Input VAT by VAT Type.

Output Templates 

The following Data Pipelines are available to be used on Output Templates:

• VAT_Filter: Exposes the Date, Branch and Status.

• VAT_Header: The VAT Recon header fields.

• VAT_Transactions: The transactions are included in the VAT Recon sorted by Input/Output, Entry Type, Date, Trans No, and Item No.

• VAT_Sum_ET: Summary by Entry Type.

• VAT_Sum_VATType: Summary by VAT Type.