The VAT Wizard

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Overview

The VAT Return Wizard gives a view of the overall tax position for any specified period.  The different sections correspond with the different sections of a standard VAT form.

The VAT Return Wizard provides a good method for reviewing the VAT position, and producing the VAT Summary Report.  You may also drill down to detailed reports from the VAT Wizard and these can be used as work papers to support the VAT Summary Report when reviewing the transactions contained within a VAT reporting period.

The VAT Wizard

1.    To run the VAT Return Wizard, select Transactions > VAT Return Wizard as shown (below).

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz1.png

2.    The following window appears:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz2.png

3.    Select Cash Basis.

The default tax method is Cash Basis.  However, if you change the VAT basis method, the application remembers your selection for each Job.  If you review the accounts, you notice that there are amounts in accounts payable that are yet to be paid.  These amounts will not be included in the Cash Basis, but would be included in the Accrual Basis.

4.    Click [Next]. The VAT Details window appears.

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz3.png

5.    Enter 676 5393 90 as the VAT Reg No.

Note

The VAT Registration Number is validated at this stage.  You must always ensure that you enter the correct VAT Registration number as the application does not let you pass this window until the VAT number is correct.

6.    Enter the Start Date and End Date for the VAT Return period.  The application automatically defaults to the start date of the job.

7.    Click [Next].  The list of bank accounts appears in this window as shown below:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz4.png

8.    Before you can continue the VAT Return Wizard the bank reconciliation must be finalised for that period.

To finalise the bank reconciliation, double click on any entry shown marked by File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz5.png, as shown below:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz6.png

To reconcile the bank account, see the section Reconciling a Bank Account.

9.    Once all the accounts are reconciled, the window will look like the following:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz7.png

You may proceed to the next window by clicking [Next].

10.    The VAT Return Summary window appears.  Click [Print Summary] and review.

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz8.png

You may drill down to a detailed report to view the transactions entered by clicking the ellipsis buttons throughout the summary.

11.    Click [More Reports] to review the VAT Reports available, as shown below:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz9.png

Select a report and click [Next] to run the report, or click [Cancel] to leave the Report Wizard.

Note

A useful report to check that the transactions in the period have been coded to the appropriate tax-code when entered is the Transactions Not Coded to Default Tax Code report.

12.    In the VAT Return Wizard, click [Next] to continue.  The authorisation window is shown:

File:test/insolvency/150_13+VAT+Wizard/020_The+VAT+Wizard/VATwiz10.png

The process for authorising the VAT Return is the same as for document or transactions.  Select either ‘Authorise Now’ or ‘Request Authorisation’ to send an e-mail to one or more users shown to review and send, or review and authorise, the VAT Return.

You will note that a relevant task, depending on the options selected, is also generated.

13.    To finalise the VAT Return you need to tick Finalise VAT Return Now and enter the Lodgement Date.

The Lodgement Date should populate with the current date.  This should be amended if necessary.

Note

Finalising the VAT return and entering the lodgement date locks the accounts up to and including the end date for the return.

The option to preview the VAT return in Document Management is also available.

14.    Click [Finish] to complete the VAT Wizard.

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