This report is aimed at assisting in the completion of monthly or bimonthly Revenue Services VAT returns for the selected Property or Group of Properties. It provides an analysis, for the selected period/s, of General Ledger Account 3272 and is available in either a detailed or a summarised version.
The Detailed Version shows all transactions, separated into Output VAT and Input VAT categories, with Subtotals per category, and a Net Total at the end of the report. The split between the two categories is based on the type of batch that gave rise to the entry. e.g. A property payment batch defaults to Input VAT.
The report is based on the VAT amounts and the original figures on which the VAT amounts were based are extended from them. There might thus be some small rounding differences in the gross amounts.
An example of the selection screen is displayed below:
The report is for the period or periods selected and is available for a rolling twelve-month period. Reports should be printed and filed as backup documentation to the VAT returns.
The Summary Version shows only the Totals for the selected Property or Properties. Any Manual Journals to the VAT Control Account are also noted on the report. The purpose of the Summary Version is to assist with the completion of bulk VAT returns. System generated entries receive less scrutiny than any manual entries.
Note:
When dealing with Properties whose VAT Control Account has been linked to a Controlling Property, remember that the VAT entries are recorded in the books of the Controlling Property .