VAT until 2021

The module for VAT reconciliation is found under VAT & fees - VAT in the reconciliation balance sheet. It is automatically updated with accounting data imported to Period & Year.

The module for VAT reconciliation in Period & Year consists of the same sections and rows that are used in VAT report of the [Tax authority]{.mc-variable .MyVariables.Tax_authorities .variable}. It is automatically updated with the accounting data imported to the program, and gives you a good overview of the company’s registered VAT, the VAT reported to [Tax authority]{.mc-variable .MyVariables.Tax_authorities .variable}, and possible differences between the registered and the reported amounts. You will also find information about transfers to the account for VAT settlement, and payments and/or repayments made.

The reconciliation appendix VAT specification is created automatically from the VAT reconciliation as default.

You can use it for continuous reconciliation, as well as reconciliation at year-end.

VAT report submitted can either be registered manually or imported from Altinn. If the active period is reconciled before the VAT report is submitted to Altinn, data must be registered. Later, data for this period will be updated with data sent to Altinn using the function for importing VAT data from Altinn. Periods that are locked will not be affected by data being imported from Altinn.

Select a VAT period

Before you get started, you need to select a VAT period for the company. This is done at the top of the left hand panel. You can choose between Monthly, Bi-monthly and Yearly. Bi-monthly is the default selection. If you choose monthly VAT reconciliation, one column for each month is created. If you choose bi-monthly VAT reconciliation, one column for Jan-Feb, one column for Mar-Apr, and so on, are created.

Changing VAT periods during an ongoing financial year

It is possible to change VAT periods during an ongoing financial year, even when the previous reconciliation months are locked.

When changing VAT periods, note that:

• Previous reconciliation periods will not be affected by the change.
• Manually added values from the previous VAT periods will not be copied to the new VAT period.
• It is not possible to change VAT periods in locked reconciliation periods.

The structure of the VAT reconciliation

The module for VAT reconciliation consists of different sections with numbered rows. This is the same structure that is used in [Tax authority]{.mc-variable .MyVariables.Tax_authorities .variable}s VAT report.

Which accounts are mapped to which rows?

In Period & Year, client accounts are connected to reference accounts. Each row in the VAT reconciliation is mapped to one or more reference accounts, which in turn determine which one of the client accounts that are displayed under each row. Only accounts with registered transactions are displayed.

Click on a row to view its underlying accounts.

Display transactions

It is possible to display the journal entries that are registered on the accounts in the VAT reconciliation. Underlined amounts are clickable and when you click on one of those, the Account analysis dialogue is opened. In this dialogue, all of the transactions that have been registered on the account are listed.

Field explanations

Transferred VAT

When input and output VAT have been transferred to and recorded on the account for VAT settlement, the transferred VAT will be displayed on a separate row below each affected VAT account.

Bookkept

The Bookkept column is automatically updated with values retrieved from account balances. If any of the account values are changed, the VAT module shall be updated as long as the period is ongoing.

Reported

In the Reported column, the values reported to [Tax authority]{.mc-variable .MyVariables.Tax_authorities .variable} are imported from Altinn or entered manually.If you have selected a bi-monthly or yearly VAT period, or yearly VAT period, the last month in the period must be ongoing in order for you to enter a value here. During ongoing, but not yet finished, VAT periods, preliminary amounts are displayed in this column to avoid differences.

These preliminary amounts are the same as the ones that are displayed on the corresponding rows in the Bookkept column.

Difference

The values in the Difference column are calculated and filled out automatically, using the formula Bookkept minus Reported.

VAT due (+) or returned (-)

The program automatically calculates the total VAT debt or VAT recoverable, based on the registered input and output VAT, on the row Total. VAT due (+) or returned (-).

Payments or repayments are registered on the row below. An automatic recalculation of the remaining debt or recoverable is then performed. The amount is entered in the VAT period which the payment/repayment concerns, and not in the period when the payment/repayment was made.

:

Example

:   You have a VAT debt for January and the payment is made on April 10th. When you perform the VAT reconciliation in March and April, you register the payment in the column for January/February and select April 10th as payment date.

Reconciliation documentation

The reconciliation appendix VAT specification is created automatically from the VAT reconciliation as default. You can deactivate (and reactivate) this functionality down to the left. The appendix is connected to the client account that is mapped to reference account 2740.

If any of the amounts in the VAT reports are changed, the appendix is updated automatically with the changes as long as the period is ongoing.

If you want to change any of the values on the appendix, you must do so via the VAT reconciliation.

To remove the appendix from an ongoing period, you must deactivate its auto-generation from the VAT reconciliation.

Depending on your selected VAT period, the appendix will be created:

• For each month, if you have selected the monthly VAT period.
• In the last month of each two months, if you have selected the bi-monthly VAT period.
• In the year-end period, if you have selected the yearly VAT period.