Getting Started and First VAT Locks

Start using Netvisor by first entering the opening balances in the desired way. Once the opening balances have been entered, make the first VAT calculation.

Setting the VAT lock after entering opening balances

You can set the VAT lock by selecting Financial Management > Financial statements > Financial period management > Locks widget > VAT lock field.

Proceed as follows after entering the opening balances:

1. Select Financial Management > Financial statements > Financial period management.
2. Find the Locks widget.
3. Go to the VAT lock field.
4. Set the VAT lock to the desired date (for example, to the turn of the financial period).

When you set the VAT lock to the turn of the financial period, you cannot make entries before the lock date. The first period in which the VAT calculation can be recorded is then 1/2021.

Defining the filing period of the periodic tax return

You can define the filing period of the periodic tax return by selecting Financial Management > Settings > Accounting settings > Accounting and obligations settings.

1. Select Financial Management > Settings > Accounting settings.
2. Open Accounting and obligations settings.
3. Define the filing period of the periodic tax return (monthly, quarterly or annual filing).

Filing period options

Monthly filing:

• Calculate each VAT month separately.
• Lock each VAT month separately.
• File VAT monthly.
• Note that VAT is locked to the last day of the respective month.

Quarterly filing:

• Calculate each VAT month separately.
• Lock each VAT month separately.
• Note that filing is activated only for the last month of the quarter.

Annual filing:

• Calculate each VAT month separately.
• Lock each VAT month separately.
• Note that filing is activated for the last month of the year.

Frequently asked questions

Question: What should I do when the company starts using Netvisor and I want to make the first VAT calculation?

Answer: First enter the opening balances in the desired way. Then set the VAT lock to the desired date in Financial Management > Financial statements > Financial period management > Locks widget > VAT lock field and start the VAT calculation from the first open period.

Question: Why is it recommended to set the VAT lock after entering the opening balances?

Answer: When you set the VAT lock to the desired date, you cannot make entries before the lock date. This ensures that no further changes are made to the opening balances and the locked period, and the first VAT calculation is allocated to the correct period.

Question: How do I define the filing period of the periodic tax return in Netvisor?

Answer: Select Financial Management > Settings > Accounting settings > Accounting and obligations settings and define the filing period as monthly, quarterly or annual filing.

Question: How do monthly, quarterly and annual filing differ from each other in VAT calculation?

Answer: In all options, each VAT month is calculated and locked. In monthly filing, VAT is filed monthly and locked to the last day of the month. In quarterly filing, filing is activated only for the last month of the quarter. In annual filing, filing is activated for the last month of the year.

Question: When can the first VAT calculation be recorded when the VAT lock is set to the turn of the financial period?

Answer: When you set the VAT lock to the turn of the financial period, the first period in which the VAT calculation can be recorded is the first month after the lock, for example 1/2021.

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