 |
 |
|
|
This view calculates the VAT amount on fees postings and exposes them as a dataset. Any posting with no VAT is not represented in the result set at all, rather than having a value zero. However, zero rated and exempt postings (with VAT details attached) are in the result set.
Note the subtleties of this view. For invoices and credit notes the 'mere' fact that the VAT flag is 'Y' would be enough. For cases where VAT is accounted on receipts, however, it isn't.
Consider the following sequence of a proforma invoice issued, and a subsequent receipt (with cash accounting) that is then matched. In this sequence the nominal codes are:
DC = Debtors control
DR = Debtors reserve
BK = Bank
SA = Sales code
VO = VAT on outputs
VR = VAT reserve
VY = VAT not yet invoiced
|
DC |
DR |
SA |
BK |
VO |
VR |
VY |
|---|---|---|---|---|---|---|---|
Inv |
|
115 |
-100 |
|
|
-15 |
|
Rec |
-115 |
|
|
115 |
-15 |
|
15 |
Match |
115 |
-115 |
|
|
|
15 |
-15 |
If the initial invoice had been a 'normal' invoice and no VAT had been recorded on the receipt then the sequence would have looked thus:
|
DC |
DR |
SA |
BK |
VO |
VR |
VY |
|---|---|---|---|---|---|---|---|
Inv |
115 |
|
-100 |
|
-15 |
|
|
Rec |
-115 |
|
|
115 |
|
|
|
Match |
|
|
|
|
|
|
|
As you can see the end result is the same, the difference is when the VAT becomes liable. However, for the first case this view will see a VAT element of both postings, for the second case, just for the invoice
But you can't use the nominal codes to distinguish the cases, because some invoices may use different codes because they aren't done on a cash basis and the user may modify the defaults and use the same code for all types of VAT.
This view works by only picking VAT entries with the opposite sign to the control account posting - AND IT ASSUMES THAT THE CONTROL ACCOUNT POSTING IS ALWAYS SEQUENCE 1. (This is true for the current Iris Practice Suite.) This view therefore gives you the VAT element of any posting, if such was entered by the user, irrespective of whether it was a true VAT liability or not. It thus allows you to work with ex-VAT amounts if you wish.
However, if you want to know true VAT liability you should look at the VAT output nominal account directly - do not use this view because it will double count (that is, it will show a VAT element for both the receipt and the proforma invoice).
This view is only suitable for advanced users. Amalgamation view - pulls together data from disparate sources for a prime entity.
Year |
The year part of the fees period that the posting is in. |
Period |
The fees period within the year |
Posting |
The fees posting number within that period |
VATAmount |
The amount of VAT. The sign convention on this is that if you subtract it directly from the fees posting amount you will get the ex VAT amount with the same sign convention as the amount |
NumVATPostings |
The number of separate VAT postings for this Fees posting |
HighestVATRate |
The highest (or only) rate of VAT applied to the posting |