Periodic VAT Settlement Card Window
Specifies details related to a periodic VAT settlement. All tax paying organizations must periodically remit a VAT tax settlement to the tax authority. You can use this window to view the details associated with periodic VAT tax settlements including input tax, output tax, variations, and paid amounts.
Any changes that you make in this window will be reflected in the Periodic VAT Settlement List window. If a VAT period is closed, it cannot be opened again.
General FastTab
| Field | Description |
|---|---|
VAT Period |
The period of time that covers the transactions for the VAT settlement. |
Paid Date |
The date that the VAT settlement transaction is posted and sent to the tax authority. |
Bank Code |
The bank account that is used for the settlement transaction. |
VAT Period Closed |
Indicates if the VAT period has been closed. You can close a VAT period by running the Calc. and Post VAT Settlement batch job. After a VAT period is closed, it cannot be reopened. |
Settlement FastTab
| Field | Description |
|---|---|
VAT Settlement |
The net VAT amount that is transferred to the VAT settlement account. If the purchase VAT amount is larger than the sales VAT, the VAT settlement amount is debited. If the purchase VAT amount is less than the sales VAT, the VAT settlement amount is credited. |
Prior Year Input VAT |
The amount of input VAT from purchases during the previous year. Input VAT is deducted from output VAT to calculate your net VAT liability. |
Prior Year Output VAT |
The amount of output VAT from sales during the prior year. |
Paid Amount |
The amount of VAT paid to the tax authority. |
Prior Period Input VAT |
The amount of input VAT from purchases during the prior VAT period. Input VAT is deducted from output VAT to calculate your net VAT liability. |
Prior Period Output VAT |
The amount of output VAT from sales during the prior VAT period. |
Unpaid VAT Previous Periods |
The amount of VAT due that is currently unpaid from previous periods. |
Tip
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See Also
Reference
Other Resources
How to: Define VAT Statements
VAT Entry
Calc. and Post VAT Settlement