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VAT on Sales |
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While posting a Sales Invoice or Sales Credit Note there is a VAT column for each split followed by the “Discount” column. In order to generate a Sales Invoice or Sales Credit Note a new browser will appear from the “Accounts” section. In the “Sales Invoice/ Sales Credit Note Browse” if the products already exist in the product list VAT rate will populate in the VAT column. For e.g. if the VAT rate is already assigned against the product as standard “A” (23.00%); reduced “B” (13.5%) or VAT Exempted or Zero then the VAT code will populate automatically. While setting up the “New Product” system will prompt for the “VAT code”. Once the product is being setup with the sales price, sales nominal code and the sales VAT rate you do not have to enter the VAT rate. On the VAT split the VAT rate will appear automatically by selecting the product. At the bottom right hand corner of the Invoice or Credit note there will be separate column for Net Amount and the VAT Amount separately. You can post different VAT codes in the splits with different VAT rates. You can enter multiple invoices or credit notes in the splits with different VAT Rates. The total VAT rates will appear will appear separately in the Net Value and VAT Value. The total VAT amount posted in the invoice will appear in the total column. At the same time VAT rates will appear in the “VAT rates” column. The VAT Rate, Net, VAT and the Gross values will appear in different columns. |
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VAT on Purchases |
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While posting a Purchase Invoice or Purchase Credit note there is a VAT column for each split followed by the “Discount” column. In order to generate a Sales Invoice a new browser will appear from the “Accounts” section. In the “Purchase Invoice Browse” if the products already exist in the product list VAT rate will populate in the VAT column. For e.g. if the VAT rate is already assigned against the product as standard “A” (23.00%); reduced “B” (13.5%) or VAT Exempted or Zero then the VAT code will populate automatically. While setting up the “New Product” system will prompt for the “VAT code”. Once the product is being setup with the purchase price, purchase nominal code and the purchase VAT rate you do not have to enter the VAT rate. On the VAT split the VAT rate will appear automatically by selecting the product. At the bottom right hand corner of the Invoice there will be separate column for Net Amount and the VAT Amount separately. You can post different VAT codes in the splits with different VAT rates. You can enter multiple invoices or credit notes in the splits with different VAT Rates. The total VAT rates will appear will appear separately in the Net Value and VAT Value. The total VAT amount posted in the invoice or in the credit note will appear in the total column. At the same time VAT rates will appear in the “VAT rates” column. The VAT Rate, Net, VAT and the Gross values will appear in different columns. |
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Net Payable |
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Net payable is the difference in between the VAT on Sales and VAT on Purchase. For e.g. for a business if the total VAT on Sales for a specific time period is 100 and the VAT on Purchase for the same period is 80 then the Net payable will be 20. In Surf Accounts the VAT on Sales is being indicated as T1 and the VAT on Purchase is T2. If the value of T1 (VAT on Sales) is greater than T2 (VAT on Purchase) the Net Payable (T3) column will be highlighted with Red Colour and the VAT amount will be in white. |
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Net Re-Payable |
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Net Re-Payable is the difference in between the VAT on the Sales and VAT on Purchase. For e.g. for a business if the total VAT on sales for a specific time period is 80 and the VAT on Purchase for the same period is 100 then the Net Re-Payable will 20. In Net Re-Payable the VAT on Sales (T1) will be less than VAT on Purchase (T2). |
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Other EU Sales |
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“Total Goods to other EU countries” is the Net Amount of Sales Transactions (Sales Invoices & Credit Notes, non-customer receipts) where the country of the Customer is in the EU (European Union) and not the Country of the Business. In Surf Accounts other EU Sales column is indicated by “E1”. |
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“Total Services to Other EU Countries” is the Net Amount of Service Transaction (Invoice & Credit Notes related to service, non customer receipts) where the country of the customer is in the EU (European Union) and not the Country of the Business. In Surf Accounts other EU Service column is indicated by “ES1”. |
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Other EU Purchases |
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“Total Goods from other EU countries” is the Net Amount of Purchase Transactions (Purchase Invoices, Purchase Credit Notes, non-supplier payments) where the country of the Supplier is in the EU (European Union) and not the Country of the Business. In Surf Accounts other EU Purchases column is indicated by “E2”. |
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“Total Service from other EU countries” is the Net Amount of the Transaction (non-supplier payment, Purchase Credit note) where the country of the Supplier is in the EU (European Union) and not the Country of the Business. In Surf Accounts “Total Services from Other EU Countries” is indicated by “ES2”. |
Generating VAT Return |
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To calculate the VAT Return for the first time for any business choose the” ADD” option for the VAT Return browse from Accounts » General Ledger »VAT Returns. Before generating the VAT Return select the “Ending Month” and the “Ending Year” from the dropdown, VAT will be calculated on till that month based on the transaction posted in Surf Accounts. A confirmation message will appear as a pop up as follows. The Date range is important to select because the VAT will be calculated during that period of time considering the transaction during the specified range. |
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By choosing the “Proceed” option a new browser will appear on the screen calculating the VAT Return for the selected period. If the VAT is being set up by “Cash Basis” for the Business the following screen will appear. |
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Other Functionality |
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Through Surf Accounts you can generate the VAT Report into 3 categories. As per the business requirement you can set the period and generate the VAT Report. VAT Return; VAT Summary and VAT Details are the 3 categories by which you can generate the VAT Report. You can download the VAT Return Reports in the MS Excel format individually as VAT Return, VAT Summary and VAT Details. Once the VAT is run and closed for the period system will not allow to any further modification. |
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Closed: If the “Closed” check box is selected then the VAT Return will be finalized for the specific VAT period. System will not allow doing any further changes in the VAT Return for the same. |
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Print: If you wish to print the VAT Report choose the Print option. These reports can be categorized as VAT Return; VAT Summary and VAT Details. You can take a print of the complete report as well. To choose the reporting option from the VAT Return browse select the” Report Types”. The following screen will appear. |
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Downloading the Report in Excel Format |
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If you wish to download the VAT report for any further recalculations select the “Excel” option. The entire VAT report will be downloaded in MS Excel. The VAT Return; VAT Summary and the VAT Details will be populated in separate spreadsheet of the same excel file. The following screen will appear. |
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SAVE |
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To “Save” the VAT Return select the “Save” option and the report will be download in PDF format. The following screen will appear once you open the PDF file. |
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If you wish to send the VAT Report through email recipient will receive the file as a PDF file and the email will contain the VAT Report as an attachment as “ VAT Report” along with period. |
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To: Enter the email address of the recipient. |
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CC/BCC: Enter the email address you want to make a copy of the mail. |
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Subject: Enter the subject line in the “Subject “field. |
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