Standard VAT report

Standard VAT Report

One of the many benefits of having online accounting software is the reporting functionality. eFolio Accounts can very simply process a standard VAT report for you. Its important to note that you  must have your Purchases and Sales transactions up to date before processing a VAT report for your business. Here is how to do it:

1. Firstly click on the Reports tab and then click VAT Report.
2. Click the New VAT Report Button.
3. Now you will need to set the appropriate VAT return date. Its important to note that you will not be able to set a date prior to your Conversion Date.
4. Click on the Refresh button.
5. Click the View Detail button to analyse the detail behind the figures.
6. Click the Save button to complete the report and save it for future reference. Thats it!

eFolio Accounts will check if you have transactions dated before the start date that have not yet been included in previously saved reports. This will happen if you enter a transaction after you produce a report. You will be given a warning by the system if this happens. You will also be offered an opportunity to check a box which will add the late entry transactions to your current VAT report.

Underlying transactions on a saved VAT Report can only be changed if the changes don’t effect the VAT results. In order to make changes to these transactions you may need to delete the VAT report.