VAT statements

VAT statements record, for each month, the VAT due and the VAT to be deducted (from which the VAT balance is derived).

Any VAT refunds from the government are taken into account.

They are generated automatically following the monthly VAT calculation.

VAT statements can be locked: in this case, any changes that would affect them would be rejected (any changes to receipts or payments). It is recommended that you lock the VAT statements on a monthly or annual basis before submitting your FEC to your accountant.

Access: Accounting → VAT → Statements and Locking

VAT statements are presented by financial year: you should have 12 of them at the end of a full financial year.

The context menu allows you to:

• lock or unlock one or more VAT statements. The locked status is indicated by the padlock icon in the V.
• recalculate all or some of the statements
• delete all statements (you will then need to recalculate them all)
• force the balance of a statement.

Locking a VAT statement ensures that no subsequent changes to receipts or payments will inadvertently alter the statement.

It is possible to manually amend the balances carried forward to the VAT statement. If the statement is not locked, the balances will be updated if a new calculation for the month is requested, whilst they will remain unchanged if the statement is locked. This allows you, if necessary, to start again from a situation with known balances, based on these balances without recalculation.

If you have not yet carried out any VAT calculations, the screen will prompt you to use the VAT calculation programme.

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