Add VAT Periods

This guidance is only for IRIS Financials Version 7.0.2223 or later. If using version 7.0.2103 or earlier, go to Manually Adding VAT Periods/Quarters.

VAT periods are set up monthly or quarterly as standard, but when required, you can create additional VAT periods, quarters or both.

If creating more than one VAT period, we recommend using the Add VAT Periods Using the Populate Tax Year Wizard.

  1. Go to Maintenance, then select Accounts.

  2. Select VAT Accounts ledger.
  3. Select ADD NEW, then ACCOUNT.
  4. Enter the VAT period or quarter code in Account.
  5. In Title, enter the name of the period or quarter in the preferred format your organisation has used for the others.

  6. If the currency of transactions being posted to the period are different to your default currency, select the relevant Currency.

    If a currency rate different to your default rate is set, you can specify a Fixed currency rate. The currency rate can be up to 4 decimal places.

  7. If you want to categorise how the VAT period is reported, select Indices, then the required indices and Values.
  8. Select Tax, then select:
    • The Period start date and Period end date
    • A Status option:
      • Automatic — The system automatically posts applicable documents to the VAT period or quarter within the start and end date
      • Manual — No documents post automatically, and can only be moved to the VAT period or quarter
      • Closed — Only if the VAT period or quarter is for future dates to stop documents being posted to it before it is opened

  9. Set the required security for user groups with access.

  10. SAVE the details.