VAT Reconciliation Tutorial

How to Create a New VAT Reconciliation

1. Click the New (button).

2. Select the Period Dates, if applicable.

   • Note: This step is only necessary when creating the first reconciliation. After the first reconciliation is created, the Period Dates will be selected automatically based on the VAT Reporting Frequency (Months) setting. If this is your first VAT Recon, you need to enter a Start Date, otherwise, the Start Date will automatically be set to the next day following the End Date of your last VAT Recon. The End Date will be set according to your VAT Reporting Frequency (Months) setting. You are able to override the Start and End Dates, for instance, to create two one-month VAT Reconciliations if your VAT Period is split over your financial year-end. 

3. Select the Entity (if applicable).

4. Multi-select (Ctrl + A) transactions in the Outstanding (Transactions) section.

5. Click Add (button).

6. Click Done (button). The transaction is now read-only.

7. Once complete, Summaries are displayed on the left and the Transactions that are included in the Reconciliation are displayed on the right.

How to Update a VAT Reconciliation

1. Double-click to open a Reconciliation.

2. Set the Reconciliation Status to Pending > Click Save (button).

   • Note: The Status can be changed back to Pending if the From Date is after the Accounting Close-off Date.

3. Add or remove Transactions.

   • Remove records by selecting a record in the Included (Transaction Items) grid view > Click Remove (button).

   • Add records by selecting a record in the Outstanding (Transactions) grid view > Click Add (button).

4. Once complete, click the Done (button). The transaction is now read-only.

How to Include Out-of-Period Transactions

1. Tick the Out-of-period checkbox above the Outstanding grid view.

2. Click on the transaction > Click Add (button).

How to Include Zero VAT Transactions

1. Tick the Zero-VAT checkbox above the Outstanding grid view.

2. Click on the transaction > Click Add (button).

How to Output PDF Documents

1. In the VAT Reconciliation, click Output (button). 

2. Select Print / Preview / Email.

3. Select the relevant Document to Output.

• Note: To output the Included grid view in Excel format, click on Menu (button) > Email Excel.

How to Create Historical VAT Reconciliations

If you are upgrading from an earlier version and you already have many accounting transactions in your database, you need to create historical VAT Reconciliations for all the VAT Periods included in your database. This can be done by executing this Script (follow the instructions at the top of the script).

Related Topics

• Reference: VAT Reconciliation