SALES/VAT REPORTING

Use this screen to create VAT and sales/use reports. Before using this screen, you should update your tax tables by running the Update Tax Report Tables screen.

Tax Report

Value Added Tax

Select this radio button to generate a VAT report along with its supporting supplement report. Choosing this radio button will activate the Vat Report Period group box.

Sales/Use Tax

This radio button is not available at this time.

VAT Report Status

Preliminary

Select this radio button to print a preliminary VAT report. It is useful to review this report before printing the final report.

Final

Select this radio button to print a final VAT report.

Note:  Once you have printed the final VAT report, you cannot reprint it.

VAT Report Period

Starting

Enter a starting date. All billing transactions with a supply date equal to or later than the starting date entered in this field will be included on the VAT report.

Ending

Enter an ending date. All billing transactions with a supply date equal to or earlier than the ending date entered in this field will be included on the VAT report.

Note:   If the transaction in question does not have a supply date, the invoice date will be used instead.

Sales/Use Tax Report Period

This group box is not available at this time.

Starting (Fiscal Year)

This drop-down box is not available at this time.

Starting (Period)

This drop-down box is not available at this time.

Ending (Period)

This drop-down box is not available at this time.

Voucher Selection

Check Date

Select this radio button to group the vouchers on your report by check date. This radio button is selected by default.

Entered Date

Select this radio button to group the vouchers on your report by the chronological date on which they were entered into the system.

Company Info

Sales Tax Code

This field is not available at this time.

Taxing Entity

Enter, or use Lookup to select, a valid Taxing Entity. You originally set up the Taxing Entity in the Set Up Company Info screen.

Tax ID

This field automatically displays the tax ID associated with the Taxing Entity. You created this association when you set up the tax ID in the Set Up Company Info screen.

Note:  You can replace the defaulted Tax ID with another one because a company may have more than one VAT ID for VAT purposes.

EC Country

If you selected the Value Added Tax radio button, this checkbox will be selected.

Note:  This checkbox must be selected for EC countries.

VAT Adjustments

Note:  You are not obligated to make entries to the Overclaim of input tax from previous returns and Understatement of output tax on previous returns fields. It is your responsibility to derive and enter the correct amounts in these fields because the system does not calculate them.

Overclaim of input tax from previous returns

Enter the amount of excess input tax that your company overclaimed from previous returns. This overclaim of input tax from previous returns is subtracted from the total recoverable VAT amount. The VAT amount from bad debt is then added to this figure to form net VAT.

Understatement of output tax on previous returns

Enter the amount of output tax that your company understated on previous returns. This understatement of output tax on previous returns when added to the total VAT amount equals the net VAT amount.

VAT/Bad Debt Determination

Bad Debt Number of Days

This field displays the tardiness, in days, of bills and sales orders that have not been paid to your company on time. The system uses the supply date or, if that is not available, the invoice date to calculate the number of days.

VAT/Supplemental Reports

Note:  Supplemental Reports will be in your company's functional currency.

Print VAT Detail

Select this checkbox to print a supplemental report that details the transactions that were used in the calculation of the line item values of the VAT report. This checkbox is selected by default.

Print EC Sales List

Select this checkbox to print a sales list for use within the EC. This list displays the country code, customer VAT registration number, the total value of supplies, and the indicator, if applicable. Member states of the EC use the information provided on this list to ensure that VAT has been properly accounted for.

This box is checked by default.

Note:  This report is only applicable to invoices, sales orders, and bills in the European Community (EC.)