VAT from 2022

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 the VAT return in Norwegian Tax Administration. 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 Norwegian Tax Administration, and possible differences between the registered and the reported amounts.

You will also find information about payments and/or repayments that are 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 return submitted can be imported from Altinn, and must be downloaded before the active period is reconciled. It is important to download from Altinn before starting the reconciliation work. Periods that are locked will not be affected by data being imported from Altinn.

Selection of VAT period

The selection of VAT period is made by the accounting system when reporting the VAT return and is updated in Period & Year when downloading the VAT return from Altinn. Information about this can be found at the top left of the VAT screen under VAT & Taxes in the balance sheet reconciliation.

In Period & Year, viewing for Monthly, Bi-monthly and Yearly is supported. Bi-monthly is often the standard option. If monthly VAT reconciliation, a column is created for each month. If bi-monthly VAT reconciliation, a column is created for Jan-Feb, a column for Mar-Apr, and so on

Changing VAT periods during an ongoing financial year

It is possible to change VAT periods during an ongoing financial year, but as mentioned earlier, this must be done in the accounting system in connection with reporting the VAT return.

When changing VAT periods, note that:

• Previous reconciliation periods will not be affected by the change.
• 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 rows of general ledger accounts and VAT codes. Bookkept values on the general ledger accounts in the 27xx series appear in the column for Bookkept, and reported values on the VAT codes appear in the column for VAT return. It has the same structure as when reporting a VAT return to Norwegian Tax Administration/Altinn.

Which accounts are mapped to which rows?

InPeriod & Year, client accounts are connected to reference accounts. Each row with client accounts in the VAT reconciliation is mapped to a reference account, which in turn determines which one of the client accounts that are respectively displayed under the grouping of Outgoing tax and Incoming tax. Only accounts with registered transactions are displayed.

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

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.

VAT return

In the VAT return column, the values reported to Norwegian Tax Administration are imported from Altinn.

If a bi-monthly or yearly VAT period has been reported, the last month in the period must be ongoing in order for you to show 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.

Total due (+) / returned (-)

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

The source system for VAT return

When downloading from Altinn, you get information about which accounting system has been used when reporting the VAT return. This is shown per. VAT period in column for VAT return

Payment information

Payments or repayments are registered under this section with amount, voucher number and payment date. The amount is entered in the VAT period which the payment/repayment concerns, and not in the period when the payment/repayment was made.

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If you have a VAT debt for January/February 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 thebi-monthly VAT period.
• In the year-end period, if you have selected the yearly VAT period.