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

The VAT calculation is generated under Company obligations, following the path Financials > Company obligations > VAT Calculation. By default, the program automatically retrieves the calculation for the current period. By selecting Show account balances, the accounts from which the calculation data has been retrieved are displayed in the VAT calculation. This helps to determine how the figures in the calculation have been formed. You can drill down from the account to see the vouchers that have been posted to it. Zero balance rows are hidden from the calculation by default, making a more concise report easier to process. If necessary, you can retrieve the zero balance rows from the search criteria. 

Before you make a VAT entry, check the following:

  • Have all sales invoices for the period in question been sent/printed, i.e. have vouchers been created for them? (The date belongs to the period for which you are recording VAT).
  • Have all sales invoices for the period been processed?
  • Have all purchase invoices for the period been processed?
  • Have all purchase payments (payments) for the period been processed?
  • Have all statements for the period been processed?
  • Check the segregating vouchers (open voucher browsing and select "show only segregating vouchers")
  • Check that there are no differences in the reconciliation view.

In practice, check that there are no outstanding entries for the period in question. If you have to make entries for that period later, you have first to do a bypass of VAT locking, fix what is needed, and then cancel the bypass and record VAT again.

In the VAT calculation that opens, check and compare the items to make sure they are correct. Small rounding differences (a few cents) may exist, but this is perfectly normal and is due to the calculation calculating the totals without rounding. 

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

Also check the calculation from the "Check segregating vouchers" link for vouchers. This function lists vouchers where the VAT rate of the voucher does not match the entry made on the VAT account. There should not be vouchers here where the calculated VAT difference is, for example, more than 10 cents. If there are, the vouchers should be checked to ensure that the VAT entries are correct and necessary corrections made. A few cents difference is due to rounding differences. 

The tax to be accounted for field that is displayed in the hoverbar is the amount to be paid to the tax authorities. If the amount is negative, this will not be paid by bank transfer, but will be returned to the company by the tax authorities in due course. The tax to be accounted for is calculated as Total tax payable - Total tax deductible. 

Once the calculation has been verified as correct, the VAT calculation can be approved and a voucher can be generated from the hoverbar that appears on the screen as the user browses the VAT calculation. "Accept and create voucher" function creates a voucher in the accounting for the VAT for that month. The voucher type is always "AT System generated" and cannot be changed. The voucher records the VAT on the tax account, i.e., in practice, it clears the VAT payable and receivable accounts on the tax account. The default VAT refund account 1762 must be in the list of accounts for the VAT entry to be successful. Please do not delete/hide this account from the list of accounts.


Rounding

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

Included in VAT entries: Any VAT calculation differences remain as balances on the VAT accounts, i.e., these calculated 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, select the "Open lock" button on the VAT calculation. This will cancel the previously entered VAT voucher from the accounting, after which you can change the entry method and re-enter the VAT calculation.



Added a navigation option for the VAT calculation, which allows the user to easily go directly from the calculation to continue processing the VAT declaration once he has accepted the calculation:    



Please note that if the calculation has to be modified afterwards and a bypass for VAT locking is made, the voucher for that month will be automatically invalidated at this point in the background and will be regenerated when the VAT is re-entered when the bypass is cancelled. Therefore, the cancellation of the bypass VAT locking will automatically redirect directly to the VAT calculation to ensure that the VAT is re-entered. From the view, press the "Accept and create voucher" button.


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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