VAT Reports

Contents

•What is VAT?

•Use of VAT Reports in tax compliance

•VAT Reports Explanation

•Conclusion

What is VAT?

•VAT is an indirect tax applied upon the consumption of most goods and services.

•VAT is levied by VAT registered businesses which make supplies of goods and services in the course or furtherance of their business. VAT will also apply on the importation of goods.

•Although VAT will apply to most goods and services there are some likely exceptions: this includes basic food items, essential medicines and exports of goods and international services which are expected to be zero rated supplies.

•Furthermore other supplies such as healthcare, education, sale or lease of residential property, finance and insurance are expected to be exempt from VAT.

Seeded Reports

•Input VAT Report

•Output VAT Report

•Tax Audit Trail Report

•Tax Received Report

•Tax Reconciliation Report

Input VAT Report

ΨUse the Input VAT report to review tax information on your invoices for all purchases and expenses during each tax reporting period.

ΨWhen you make purchase returns or discounts after the end of the month, you must report a credit against the original Government Uniform Invoice. The Input VAT report displays the original Government Uniform Invoice number of the credit or debit memo if the memo was entered by matching to an invoice. If the credit or debit memo was not matched to an invoice, the report shows the credit or debit memo number.

ΨSupports multi-organization reporting.

Report Parameters

•Reporting Level

•Reporting Context

•Start Accounting Period

•End Accounting Period

•Start GL Date

•End GL Date

•Start Invoice Date

•End Invoice Date

Report display variance

•Operating Level

Prints all the information except Taxable person, Tax payer ID and Tax registration number

•Legal Entity Level

Prints the company tax registration number and taxpayer ID only when you report on the legal entity level.

Report displays Tax Types

•Government Tax Type

ΨThe government tax type for the invoice: Exempt ΨTaxable

ΨZero-Rate

•Deductible Type

ΨThe deductible type for the invoice: Deductible Purchase/Expense ΨDeductible Fixed Assets

ΨThe column is blank for non-deductible invoices.

Legal Entity Level

Operating Level

Output VAT Report

•Use the Output VAT report to review tax information on your invoices for all sales during each tax reporting period. Send the Output VAT report and the EDI Government Uniform Invoice file to your tax authority for reporting purposes.

•If a return or discount occurs after the end of the month, you must report a credit against the original Government Uniform Invoice. The Output VAT report displays the original Government Uniform Invoice number instead of the credit memo number.

•The Output VAT report supports multi-organization reporting.

Report Parameters

•Reporting Level

•Reporting Context

•Start Accounting Period

•End Accounting Period

•Start GL Date

•End GL Date

•Start Invoice Date

•End Invoice Date

Report display variance

•Operating Level

Prints all the information except Taxable person, Tax payer ID and Tax registration number

•Legal Entity Level

Prints the company tax registration number and taxpayer ID only when you report on the legal entity level.

Example

Tax Audit Trail Order

•Use this report to review tax information for posted or partially posted invoices you select. You can order this report either by Tax Name or Invoice.

•Payables provides detail tax and invoice information and the total amounts for each tax name, invoice currency, and functional currency in addition to the total amount for each tax name. For each tax name you specify, Payables lists all posted or partially posted invoices for which you have entered tax information. For each invoice, Payables specifies the tax amount as well as the invoice amount subject to tax.

Report Parameters

•Start/End Accounting Period. The beginning and ending accounting periods for which you want tax information. You may instead choose to enter a Begin and End Invoice Date for which you want tax information. Begin/End Invoice Date. Payables lists tax information for invoices that you create or update on or after this date.

•If you enter an Accounting period, you do not need to enter a Begin and End Invoice Date unless you wish to select a time period within an Accounting Period. Payables then lists the invoices between the Begin and End Invoice Date in the Accounting Period you choose.

•Tax Name. Enter the tax name for which you want to review tax information. Payables lists invoices using this tax name. Leave this field blank to review tax information for invoices with any tax name.

•Report Ordered By. Sort report output by:

•Invoice.

•Tax Name.

Example

Tax Received Report

•Use this report to review the amount of taxes you received for each taxable debit item.

•The Tax Received report automatically sorts by tax code and lets you see how much tax you received for the GL date range that you specify or for a specific tax code.

•This report displays the Amount Received in the currency of the transaction.

Report Parameters

•Reporting Level: Enter Ledger, Legal Entity, or Operating Unit for the level that you want to run the report on. The list of values is restricted

by the MO: Top Reporting Level profile option that is defined for your responsibility. The default value is Operating Unit.

•Order By: Receivables uses state to order your report information.

•State: Select and print your report information from the state range you specify.

•GL Date: Select and print your report information from the debit item GL date range you specify.

Example

Tax Reconciliation Report

•Use the Tax Reconciliation Report to prepare the Output Tax portion of your periodic tax returns.

•This report lists the taxable and tax amounts, by tax account, of all Receivables transactions for a given period to enable you to identify and review your tax liability for various tax rate codes.

•The Tax Account Low/High parameters let you select tax liability accounts from your General Ledger.

•The report also provides you with all of the transaction detail from the Receivables sub ledger to help you reconcile the Output Tax portion of your tax returns to the General Ledger.

Report Parameters

•Tax Account Low/High: Select the General Ledger account range to review.

•Include options: Set the options to Yes for the transactions that you want to include in this report.

•Transfer to GL: Specify Posted, Unposted, or All values as follows:

•Posted : Only transactions that are posted to General Ledger appear in the report.

•Unposted : Only transactions that are not posted to General Ledger appear in the report.

•All : All transactions, whether posted or not, appear in the report

•Detail Level: To include all transaction detail, accept the default value Show Summary and All Detail. To display only transaction summary information, choose Show Summary Only.

•Show Ship To Address: Select how to print a customer’s ship to address on the report.

Example

Conclusion

•All these reports runs based on the Legal entity, Ledger and Operating Units.

•The users can run whenever the required subsequently during the month or end of the month.

•Either period wise or Accounting dates or invoice dates can run.