This help covers the creation of a VAT calculation in Netvisor.

You can generate the VAT calculation by selecting Financials > Company obligations > VAT calculation.

By default, the program automatically retrieves the VAT calculation for the current period. Proceed as follows:

  • Check that the VAT calculation for the correct period is open.
  • Select Show account balances if you want to see the accounts from which the calculation data has been retrieved.
  • If necessary, drill down to the account and review the vouchers posted to it to see how the figures in the calculation have been formed.
  • Note that zero balance rows are hidden by default to make the report more compact and easier to handle.
  • If necessary, retrieve the zero balance rows from the calculation search criteria.

Before you make a VAT entry, check the following:

  • Make sure that all sales invoices for the period in question have been sent or printed, i.e. they have vouchers, and that the invoice dates belong to the period for which you are recording VAT.
  • Make sure that all sales payments for the period have been handled.
  • Make sure that all purchase invoices for the period have been handled.
  • Make sure that all purchase payments for the period have been handled.
  • Make sure that all bank statements for the period have been handled.
  • Open voucher browsing, select "show only segregating vouchers", and check the segregating vouchers.
  • Check in the bookkeeping reconciliation view that there are no differences.

Make sure that there are no entries missing that belong to the period in question. If you have to make entries for that period later, first do a bypass of VAT locking, correct the situation, cancel the bypass, and record VAT again.

When the VAT calculation has opened, check and compare the following items to make sure they are correct. Accept rounding differences of a few cents, as they are due to the calculation summing amounts without rounding:

  • Total taxes payable
  • Balance of the bookkeeping VAT debt account for the target month
  • Total tax deductible
  • Balance of the bookkeeping VAT receivable account for the target month

Also check from the VAT calculation the vouchers listed via the "Check segregating vouchers" note link:

  • Select the "Check segregating vouchers" link and review the listed vouchers where the VAT rate of the voucher does not match the entry made on the VAT account.
  • Make sure there are no vouchers on the list where the calculatory VAT difference is, for example, more than 10 cents.
  • If there are such vouchers, check them, make sure that the VAT entries are correct, and make the necessary corrections.
  • Accept differences of a few cents, as they are due to rounding differences.

Review the Tax to be accounted for field shown in the hoverbar as follows:

  • Identify from the Tax to be accounted for field the amount that has to be paid to the tax authorities.
  • If the Tax to be accounted for amount is negative, do not pay it by bank transfer, but wait for the tax authorities to refund the amount to the company.
  • Note that the Tax to be accounted for is calculated with the formula: Total taxes payable – Total tax deductible.

Once you have verified the calculation as correct, approve the VAT calculation and create a voucher from the hoverbar:

  • Select "Accept and create voucher" from the hoverbar.
  • Let the function create in bookkeeping a voucher for the VAT of the month in question.
  • Note that the voucher type is always "AT System generated" and cannot be changed.
  • Check that the voucher records VAT on the tax account so that the VAT debt and VAT receivable accounts are cleared to the tax account.
  • Make sure that the specification of accounts includes the default account 1762 for VAT refunds so that the VAT entry will succeed.
  • Do not delete or hide account 1762 from the specification of accounts.
  • If account 1762 has been deleted or hidden, note that the VAT calculation will show the notification "VAT refund account not found".


Rounding

To be recorded as a rounding difference: Any calculatory VAT differences are recorded in a rounding difference account with a VAT voucher. This ensures that no balance remains in the VAT debt and receivable accounts after the VAT has been entered.

Included in VAT entries: Any VAT calculation differences remain as balances on the VAT accounts, i.e. these calculatory VAT differences are not recorded on the voucher in the rounding difference account. 

If you wish to re-enter the VAT calculation using a different entry method, proceed as follows:

  • Select the "Open lock" button on the VAT calculation.
  • Let the system invalidate the previously entered VAT voucher from bookkeeping.
  • Change the entry method if you wish.
  • Re-enter the VAT calculation using the new entry method.



A navigation option has been added to the VAT calculation, allowing you to move directly from the calculation to continue handling the VAT notification once you have accepted the calculation:



Please note that if the calculation has to be edited afterwards and you do a bypass of VAT locking, proceed as follows:

  • Perform the bypass of VAT locking, in which case the voucher for the month in question is automatically invalidated in the background.
  • Edit the necessary data and cancel the bypass.
  • Note that cancelling the bypass automatically redirects directly to the VAT calculation.
  • In the view, press the "Accept and create voucher" button to ensure that VAT is recorded again.


Frequently asked questions

Question: Where can I find the VAT calculation in Netvisor?
Answer: Open the VAT calculation by selecting Financials > Company obligations > VAT calculation.

Question: What should I check before making a VAT entry?
Answer: Make sure that all sales and purchase invoices, payments, and bank statements for the period have been handled, the segregating vouchers have been checked, and there are no differences in the bookkeeping reconciliation view.

Question: How is the Tax to be accounted for amount formed?
Answer: The Tax to be accounted for is calculated with the formula Total taxes payable – Total tax deductible, and it is the amount that is to be paid to the tax authorities or refunded to the company if the amount is negative.

Question: What should I do if there are small differences between the VAT calculation and bookkeeping?
Answer: Accept rounding differences of a few cents, as they are due to the calculation. However, use the Check segregating vouchers function to review vouchers where the difference is, for example, more than 10 cents, and correct them if necessary.

Question: How do I proceed if I want to re-enter the VAT calculation?
Answer: Select "Open lock" on the VAT calculation, in which case the previous VAT voucher is invalidated. Change the entry method if necessary and re-enter the VAT calculation by selecting "Accept and create voucher".

Question: Why do I get the notification "VAT refund account not found"?
Answer: The notification is due to the default account 1762 for VAT refunds being missing from or hidden in the specification of accounts. Add or show account 1762 in the specification of accounts and record VAT again.

Keywords: VAT calculation, VAT calculation creation 

This article has been translated using an AI-based translation tool. The contents or wording of these instructions may differ from those in other instructions or in the software.


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