The printing of the vat return will take some preperations, mainly master data that has to be filled. First you have to check whether you are using VAT in this administration or not. This can be determined in the financial preferences, FYF. Then you have to create VAT codes, check the VAT return boxes and link the VAT codes to the VAT return boxes.

The linking of the VAT return boxes to the codes has to be done to print the correct amounts on the right place. The VAT codes are administration independend so this has to be done for each administration. The linking of the boxes can be done in LVMML. The return boxes for some of the country functionalities are given by Exact Financials and are administration independend. In maintenance VAT return boxes, you can determine whether the return box has to be calculated by Exact or whether you can give the total amount during the printing of the VAT return. We advise you not to change the VAT return boxes which are given by Exact Financials. If you link the VAT codes to the right VAT box, the VAT return will be correct.

Maintenance VAT codes can be done in LVMMC. For VAT codes with VAT listing, you have to link a country code. You will have to select that same country when you want to print te listen so all transactions made for this country are collected. You also have to link the VAT countries (TMN) to the country table in the Exact Financials program (TMO). Also, when you work with different currency codes, you have to fill in the official exchange rates in LSME who will be used during the vat return. There is also an other posibility when you do not want to use the official exchange rates. During the vat return you can select that option. The exchange rates who are used during the creation of the entry are also used now. This may be done when the normal exchange rates are changed regularly and reflex the official exchange rates.

VAT code 0 is a special case. This VAT code is automaticaly created in every administration and means "no VAT". Every entry line made with this VAT code means that the data wil not be saved for your VAT return, also not as VAT base.

Every entry in which you use a VAT-code, can be printed on the vat return. To determine if it will be 'VAT to pay' or 'VAT to claim', Exact will look at the journal in wich the entry is created. Here you find how this is done.

         purchase: VAT to claim

        Sales: VAT to pay

        Cash/Bank/Giro: Depents of the type of the general ledger on which the entry is made.

Type of the general ledger:

       Cost: VAT to claim

      Turnover: VAT to pay

      Neutral: Dependend of the amount

Amount:

      Positive: VAT to claim

     Negative: VAT to pay

Because it is not possible to use VAT codes in a general journal, none of the entries made in such a journal will be on the vat return. We advise you to create credit-notes in a sales- or purchase journal so you will be able to use the correct VAT codes.

To check the VAT return, you can look at the vat report based on VAT history. This can be done in LVPB. Here you can find all the purchase/sales transactions for a given vat code. With the option 'compress' on, you will get the totals per vat code per sales and/or purchase.

This report can be compared with the turnover-general ledgers. If you consequently use VAT codes, the total of the all turnover general ledgers have to be equal to the base amount of the turnover (high and low). Important is that you select the same range (periodes).

If both reports are different, there are a number of possible explenations.

Not all the turnover general ledger are selected in the comparisson

There are entries made without a vat code (for example in a general ledger).

The exchange rates are different in both reports. The VAT report based on VAT history shows different coloms. Some of the colum shows the amount with the exchange rate of the entry, some colums show the amount based on the official (VAT) exchange rate. Those reports can differ from the general ledger reports.

 

VAT return

Afther you checked all the data, you can create a vat return. This can be done in LVLV. When you want to create a return for a periode, you do not want a definitive listing right away. Beter is to print a non-definitieve listing and compare this with the VAT report based on VAT history. If the two prints are the same, you can print the vat return definitively. Afther that you can print the vat return as many times as you want. To do that you have to select 'old listing' and give in the periode you want to print again. When the VAT return is the same as the VAT report based on VAT history, the reason can normaly be found in a wrong of not complete linking between the vat codes an the VAT return boxes.

Afther you have printed a vat return defenitely and you still want to add an entry for that periode, the following steps have to be made:

Post the entry for the correct periode.

Print an other, new, definitive vat return for this periode. On this vat return only the new entries (step 1) will be printed.

Again print a vat return but now choose 'old listing' and give in the correct periode. The old listing will add the first and second definitive vat return for the same periode combined.