Return Of Trading Details Report

Overview

Surf Accounts has designed VAT Return of Trading Details Report (RTD) for businesses (businesses should be registered with location: Ireland) registered in Ireland. Irish Businesses need to furnish VAT Return of Trading Details Report to the Revenue department annually. Surf Accounts RTD report matches exactly with the RTD format provided by the Revenue department on their website. We have designed the Return of Trading report as a one-click solution for users to dynamically deduce the Return values accurately at any point of time of the accounting period, thus reducing the calculation overhead of accountants.

 

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Return of Trading Report

Irish Businesses are required to submit a return of Trading Details Report to Irish Revenue department annually. The RTD report designed by Surf Accounts facilitates user to generate auto-calculated report ready for submission. The transactions included in the report depend on the following criteria.

  • The basis of VAT calculation: Cash or Invoice.
  • The nominal codes defined as Goods/ services for Resale.
  • The country of the trading customer/ supplier. ( depending on EU, non-EU, or Irish country, the value of the return will accordingly appear in specific cell of the RTD).

Before you start adding business transactions, make sure that you have set up the VAT basis of calculations. To setup VAT basis, go to Settings Tab, then select Accounts » Setup.

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As you setup VAT basis, please note that Surf Accounts provides a set of default VAT rates within each business for users to apply with a specific purpose. Go to VAT settings option, to view the available VAT rates.

The VAT rate X implies exempted from VAT. While adding customers and suppliers in a business, set the default VAT rate as X (which means this customer is exempted from VAT rate, so net vat rate applicable is zero percent) if you are sure of exemption.

The VAT Rate N means non Vat –able. If products or customers/ suppliers are non-vat –able select the VAT for the particular customer/ supplier.

The VAT Rate Z means zero VAT. Select this VAT if the VAT applicable for customer, supplier or product is zero.

The next step of generating RTD report is to assign purchase nominal codes for resale of goods and services. Surf Accounts defaults code 112 as default resale code. To add more codes, you can simply go to Accounts >> Chart of Accounts. Select a nominal code. Select the open option from the tool bar. Click the Advanced section; select the check box ‘Goods/ Services for Resale’.

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Add the customers and Suppliers in your business and specify their country of Trade and default VAT code of trade. The country of trade for customers/ and suppliers are important for the business as it defines your VAT return policies on sale, purchase, and resale of goods and services. 
The following example elaborates how RTD report reflects value in the respective cells:
A customer TER001 is created with a country other than the European Union. The vat rate is set to x%. Receipt of Rs 450 is added against an Invoice of Rs. 301.86. On the unallocated amount, a VAT of 23% is applied on the gross of 100 and 13.5% on the gross of 48.14. The amount 301.86 is VAT exempted.
See below:
 

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In the report output check section A. The exempt figure shows 301.86. The Net amount of Vat for 23% and 13.3% appear in section A along the respective VAT rate cell.
A customer EXP001 is created with a country in the European Union other than Ireland. A receipt of 9000 is generated and an invoice 8960 is allocated. On the unallocated amount 40, a VAT rate of 13.50% is applied.
See below:
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A supplier is VEN001 created with country within the European Union. The default VAT rate is set to Z = 0%. A payment is added against an invoice of 130. The payment is thus fully allocated. Check the section B, it reflects the 130 against cell Home (0%).
To generate RTD Report in Surf Accounts, go to Reports option, select Return of Trading Details Report.
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In the filter option, Select Start month, Start year and End month of the end year to generate the report.
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Values appearing in the cells are the rounded and net amount. The following chart explains the source of values appearing in the report. 
In the report output check section A. The exempt figure shows 301.86. The Net amount of Vat for 23% and 13.3% appear in section A along the respective VAT rate cell.
A customer EXP001 is created with a country in the European Union other than Ireland. A receipt of 9000 is generated and an invoice 8960 is allocated. On the unallocated amount 40, a VAT rate of 13.50% is applied.
See below:

RTD_image_4_from_Chart_of_Accounts.png

 RTD_image_5_from_Chart_of_Accounts.png

A supplier is VEN001 created with country within the European Union. The default VAT rate is set to Z = 0%. A payment is added against an invoice of 130. The payment is thus fully allocated. Check the section B, it reflects the 130 against cell Home (0%).

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To generate RTD Report in Surf Accounts, go to Reports option, select Return of Trading Details Report.

Return_Of_Trading_Details_Report_Image_I.jpg  In the filter option, Select Start month, Start Year and End month of the end year to generate the report.

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Values appearing in the cells are the rounded and net amount. The following chart explains the source of values appearing in the report. 

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