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VIEW TAX REPORTS
VIEW INVOICED BASED TAX (VAT) REPORT
  
If you are registered as a VAT vendor, you need to generate a Tax report to assist you to fill in your VAT return. There are 2 types of Tax Reports available depending on which Accounting Basis you are registered for VAT. Your VAT registration form will indicate on which basis you are registered. The Tax Report is a generated in the Reports - Tax menu option on the Tax Report options screen on which you need to select the following:
  1. Type of Report - Payments Based - if you are registered on the Invoices Based - VAT Accounting basis or Received if you are registered on the Payments Based - VAT Accounting basis.

  2. This Year or Last Year and the specific periods for This Year or Last Year on This Year or Last Year Periods Search or lookup facility.

  3. Tax Codes - All the Tax codes or a specific Tax code. These Tax codes are the Tax Accounts as created in the Edit - Accounts - Tax Accounts menu option. If you need to fill in your VAT return, you need to select All the Tax codes.

     

  4. Show Details - The details of each transaction will be listed or if this field is not selected, the details will be summarised into debit and credit totals for each tax code or a selected tax code.
To optimise this report, it is important that your Tax codes (VAT codes and their respective percentages) be created correctly according to the VAT return and to cater for the Tax types (or blocks) you need to submit on your VAT return in the Edit - Accounts - Tax Accounts menu option. The VAT accounts in the General Ledger and this Tax report will be updated when:

  1. When you enter transactions in batches or journals, you need to select the correct Tax code (on the Tax Search or lookup facility) applicable to the Output VAT (Tax codes) and applicable to the Input VAT (Tax codes). TurboCASH will calculate the Tax amounts according to the specified percentages for the selected Tax codes. When these batches or journals are posted to the ledger, it will post the transactions to the selected Tax (VAT) accounts.
  2. If you create and edit documents, the Tax codes for the selected stock items (selected on the Stock Item Search or lookup facility) will be displayed on the Document Entry - Details screen. TurboCASH will calculate the Tax amount according to the percentages of the Tax codes of the stock items. It is important that the correct Output and Input Tax codes was selected for each Stock Item when the Stock Items are created or edited in the Edit - Stock Item menu option. When these documents are updated to the ledger, it will post the transactions to the Output Tax and Input Tax (VAT) accounts.
A sample of the Invoiced Detail Tax report showing details is as follows:

Name of the business. System date and time. Page number. Name of the Tax report. Accounting period  or periods for which transactions are included. Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Transaction date. Accounting period. The reference number of the transaction in the batch or the document number (Invoice, POS Invoice or Credit Note). The transaction description or detail in the batch. If documents were updated, the document type (Invoice, POS Invoice or Credit Note). Debtor or General Ledger Account number. Exclusive amount of the transaction. Tax amount of the transaction. Total for each batch or journal. Total of all the transactions of all batches or journals for the Output Tax code or VAT account. Transaction date. Accounting period. Exclusive amount of the transaction. Tax amount of the transaction. Total for each batch or journal. Batch / Journal in which VAT transactions were updated or posted to the ledger. The reference number of the transaction in the batch or the document number (Invoice, POS Invoice or Credit Note). The transaction description or detail in the batch. If documents were updated, the document type (Invoice, POS Invoice or Credit Note). Debtor or General Ledger Account number.
Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Transaction date. Accounting period. The reference number of the transaction in the batch or the document number (Purchase or Goods Returned document). The transaction description or detail in the batch. If documents were updated, the document type (Purchase or Goods Returned document). Creditor or General Ledger Account number. Exclusive amount of the transaction. Tax amount of the transaction. Total for each batch or journal. Total for each batch or journal. Transaction date. Accounting period. Total for each batch or journal. Batch / Journal in which VAT transactions were updated or posted to the ledger. Transaction date. Accounting period. Total of all the transactions of all batches or journals for the Input Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Total for each batch or journal. Batch / Journal in which VAT transactions were updated or posted to the ledger. Transaction date. Accounting period. Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Transaction date. Accounting period. The reference number of the transaction in the batch or the document number (Purchase or Goods Returned document). The transaction description or detail in the batch. If documents were updated, the document type (Purchase or Goods Returned document). Creditor or General Ledger Account number. Exclusive amount of the transaction. Tax amount of the transaction. Total for each batch or journal. Total of all the transactions of all batches or journals for the Input Tax code or VAT account. Grand total of the report. This reflects the net total of the Output and the Input VAT.

This report will list the details of each batch or journal for each Tax code (VAT account) for each tax code or a selected tax code in the following columns:
  1. Date and Accounting Period - This is the date of the transaction and the Tax period as entered in batches or journals or the document date as selected on the Input - Documents menu option.

  2. Reference Number - The reference number as entered in batches or journals. This is the reference to the source document. In the case of documents (Invoices, Credit Notes, Point-of-Sales Invoices, Purchase or Goods Received Notes and Stock or Goods Returned Notes) it is the document number as generated by TurboCASH.

  3. Account - This is the selected Debtor Creditor or General Ledger Account.

  4. Exclusive Amount - This amount excludes any Tax or VAT.

  5. Tax Amount - The amount of Output Tax payable and the amount of Input Tax, which may be claimed.

An example of the summarised report (Show Details not selected) is as follows:

Name of the business. System date and time. Page number. Name of the Tax report. Accounting period  or periods for which transactions are included. Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Accounting period. Debit row. Credit Inclusive amount summary. Credit Exclusive amount summary Credit Tax amount summary. Total for each batch or journal. Total of all the transactions of all batches or journals for the Output Tax code or VAT account. Accounting period. Total for each batch or journal. Batch / Journal in which VAT transactions were updated or posted to the ledger. Debit Inclusive amount summary. Exclusive amount summary Inclusive amount summary. Tax amount summary. Debit Tax amount summary. Debit Exclusive amount summary Credit row. Debit row. Credit row. Debit Inclusive amount summary. Debit Inclusive amount summary. Debit Exclusive amount summary Credit Exclusive amount summary Debit Tax amount summary. Credit Tax amount summary. Tax code or VAT account. Batch / Journal in which VAT transactions were updated or posted to the ledger. Accounting period. Debit row. Credit Inclusive amount summary. Credit Exclusive amount summary Credit Tax amount summary. Total for each batch or journal. Total of all the transactions of all batches or journals for the Output Tax code or VAT account. Accounting period. Total for each batch or journal. Batch / Journal in which VAT transactions were updated or posted to the ledger. Debit Inclusive amount summary. Debit Tax amount summary. Debit Exclusive amount summary Credit row. Debit row. Credit row. Debit Inclusive amount summary. Debit Inclusive amount summary. Debit Exclusive amount summary Credit Exclusive amount summary Debit Tax amount summary. Credit Tax amount summary. Batch / Journal in which VAT transactions were updated or posted to the ledger. Total for each batch or journal. Accounting period. Accounting period. Debit row. Credit row. Debit Inclusive amount summary. Debit Inclusive amount summary. Debit Exclusive amount summary Credit Exclusive amount summary Debit Tax amount summary. Credit Tax amount summary. Total for each batch or journal. Credit row. Debit row. Debit Inclusive amount summary. Debit Inclusive amount summary. Debit Exclusive amount summary Debit Exclusive amount summary Debit Tax amount summary. Credit Tax amount summary. Debit row. Credit row. Debit Inclusive amount summary. Debit Inclusive amount summary. Debit Exclusive amount summary Debit Exclusive amount summary Debit Tax amount summary. Credit Tax amount summary. Total for each batch or journal. Accounting period. Batch / Journal in which VAT transactions were updated or posted to the ledger. Batch / Journal in which VAT transactions were updated or posted to the ledger. Tax code or VAT account. Total of all the transactions of all batches or journals for the Output Tax code or VAT account.

This report will only summarise the totals into debit and credit totals for the respective batches or journals.

You may generate a detailed transaction report in the Reports - General Ledger - Transactions report for the Tax accounts, which should balance with this VAT report.

The amounts which are displayed in <> indicates a credit or negative figure. You may change this negative amount indicator to a minus sign (-) to prefix your amounts or set it to display a D (for Debit) or a C (for Credit) in the Setup - Preferences - Data Parameters menu option.