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VAT Reconciliation
Overview#
A VAT Reconciliation marks transactions reconciled and creates a summary from which a VAT return can be completed. BOS Professional lets you 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 appears 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 AllowedOptions 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
Note The defaults are the values for new databases and new users. Your database may have different values.
Setting Description Default
Accounting > VAT - Reporting Frequency (Months) Defaults to two months. Used for period selection for VAT reconciliations. 2
List View#
Info The List View displays a list of VAT reconciliations.
Button Description 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#
Filter Description 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 Lets you select custom dates. Status Dropdown list to select reconciliations that are Pending, Complete or both.
Fields Explained#
Field Description ID The system-generated number allocated 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 entered on the status bar of the reconciliation. Menu (...) Submenu to Edit or Delete the reconciliation.
Edit View#
Info 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
Button Description ↑ ↓ Used to scroll through reconciliations. Status Updates the reconciliation's status. Once it is complete, the VAT summaries appear. 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
Field Description From The Start Date of the reconciliation. To The End Date of the reconciliation.
Total (Out of Period)
Field Description 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
Field Description 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)#
Info Outstanding (Transactions) is a popup which is opened after Add (button) is clicked.
Buttons and Filters Explained
Button or Filter Description Zero-VAT (checkbox) Includes zero-rated transactions in the selected period that are not included in a VAT Reconciliation. Out-of-period (checkbox) Includes transactions that are not included in a VAT Reconciliation (e.g. entries entered after the previous VAT reconciliation is finalised) and that predate the selected period. View (button) Displays a list of outstanding transactions. Menu (button) Layout & Grids
Fields Explained
Field Description 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 Description 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 (the 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 Description 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 Description 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#
For the data available on output templates, see Output Data Pipelines .
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