 |
 |
|
|
Accounts Production can calculate the input or output VAT
for a posting and then post the VAT proportion to a separate nominal account
so that a schedule suitable for completing a VAT return can be produced.
This Guide deals with: Hide
To set up the VAT rates you will need to be logged in as a MASTER or Super User.
Select Setup | VAT rates. If VAT rates have already been entered they will be listed here.
Click New.
Complete the relevant fields:
Description - enter a description for the new Value Added Tax rate.
Input / Output - select the relevant option to show if this VAT rate is for Input or Output VAT.
Rate
type - select from the drop-down list. For example, Standard (Fixed
% Rate) and Zero (0%).
If Standard is selected, enter the Rate (%) to be used when calculating the VAT when posting.
If any of the following Rate types are selected Standard, Variable, Exempt 0%, Export 0% or Zero 0% rate the Default VAT account/sub-account field becomes available.
Not Applicable - used when salaries, for example, need to be posted. Highlight the VAT rate on the posting screen and select Not Applicable to make the postings. This eliminates the need to switch the VAT Mode off to make the postings and then turn it back on again. The rate can then be changed back when the salary postings have been made.
The options are:
Account to be supplied on VAT posting
Default account applies to Standard charts - activates Default VAT account /sub account
Default
account applies to Enhanced charts - activates Default
VAT account /sub account
Default VAT account /sub account - enter the account number you wish the VAT postings to be made to or click the magnifying glass to display a list of accounts.
The Account Chart screen is displayed where No chart has been associated with the client or the Default account applies to option selected does not match the chart associated with the client.
Completion of this field is optional but if you do not specify an account for the VAT postings here, you are asked to do so when you use the VAT Mode in the Posting screen.
Click OK to save the Default VAT account and return to the previous screen.
To change or delete VAT rates, select Setup | VAT rates. IRIS will display a list of existing VAT rates.
Click
Delete to remove the rate
and Change to amend the rate.
You can change the Description
and Input or Output
rate by moving to the field and making the change.
Select the posting file entry, Posting | Post
On the posting screen, click the VAT Mode option from the toolbar and select Switch On and select the VAT rate.
Click in the list to highlight the rate required.
A shortcut key to Switch On VAT mode is F3, and to Switch Off VAT mode is F4.
If you did not stipulate a Default VAT account/subaccount for the VAT postings, you are asked to select one at this point.
If you selected a variable rate you are also asked to specify the VAT Rate at this point.
Enter the Period Number (that is, VAT quarter) and/or Period End Date.
Specify whether the amounts you
are entering are Gross or Net of VAT.
The posting screen changes slightly so that there is a field for the VAT proportion of the posting.
You can now make your postings. Change the amount in the VAT field if the calculation is not correct. This makes a corresponding change in the Amount field if appropriate.
If you want to change the VAT rate while you are posting click the magnifying glass in the Rate field or select the F3 shortcut key to display the list of rates and select the one you want to use.
When you have finished making VAT postings select VAT Mode/Switch Off or select the F4 shortcut key .
When making postings, VAT Mode can be combined with List Mode to reduce the amount of postings on the nominal ledger.
Select a double entry document type - via Batch Control, for example, Bank Statement 1
Select VAT Mode and select Switch On (following steps 'Select the posting file entry, Posting | Post' as above).
Select List mode from the toolbar and select Switch On.
IRIS will display a screen asking
to select 'Standard' or 'Mini-list per posting'.
Your choice affects the postings made:
Standard - this option reduces the number of entries in the Nominal Ledger to the Bank and VAT accounts. A net posting is made to each of the Nominal Ledger codes you enter.
When List
Mode is Switched Off a
total posting is automatically made to the nominated double entry control
account and the VAT account.
Mini-list per posting - this option makes three entries in the Nominal Ledger for each posting.
A net posting is made to each of the Nominal Ledger codes you enter.
A posting is automatically made to the VAT account for each nominal posting.
A gross posting is automatically made to the nominated double entry account for each nominal posting.
When both VAT Mode and List Mode are Switched On a note to this effect appears at the top of the posting screen.
Posting Indicators
The Batch
Number indicators are shown below.
VAT Mode only:
Postings |
= |
Small 'v' |
VAT element |
= |
Large'V' |
VAT Mode + List Mode:
Postings |
= |
Small 'w' |
VAT element |
= |
Large'W' |
List Mode Total |
= |
Large 'T' |
To use List Mode a double entry document type must be selected
Select Reports | VAT
Complete the Posting Report screens.
From the VAT Reports screen select Schedules, Summary by rate , or Summary by document type.
IRIS displays a screen asking to complete the VAT Account, VAT Period restrictions and Session identifier (if required).
VAT Account: Input / Output
Enter the account number(s) the VAT element of the amount was posted.
Use the magnifying
glasses to display a list of accounts.
VAT Period: From / To
Enter the period number(s)
and/or dates the report is to cover.
Originating accounts
These are the accounts to which the net amount was posted.
Click the magnifying glass to display a screen showing the following:
Select Any account if all originating accounts are to be included in the report.
Select Range to be entered if only a range of originating accounts are to be included in the report.
Select Specific to be entered if only specific originating accounts are to included in the report.
If
Range or Specific;
to be entered are selected you will be asked to specify the
required originating accounts when you click OK
on the Vat reports - Schedules / Summary screen.
VAT Rates
Click the magnifying glass to display a screen showing the following:
Select Any rate if all VAT rates are to be included in the report.
Select
Specific to be entered if
only specific rates are to be included in the report, if this option
is selected you will be asked to specify the rate(s)
when you click OK on the VAT
report - Schedules /Summary screen.
Document types
Click the magnifying glass to display a screen showing the following:
Select Any document type if postings using all document types are to be included in the report.
Select
Specific to be entered if
postings made using specific document types only are to be included
in the report. If this option is selected you will be asked to specify
the document type(s) when you click OK on the VAT report - Schedules
/ Summary screen.
Session identifier
If you wish to generate a report showing only postings with a particular session identifier enter the session identifier in this field.
The session identifier is entered
in the Review or Specify
posting batch screen in posting.