Reporting - VAT statement

Feature Request
1

Hi Glenn

This is something i quite find it handy.

I would suggest that when you click on VAT report, you get a list of VAT returns submitted instead it will be good to be able to see it in a statement form

This statement would also take into account any payments made to HMRC for VAT, refunds received for VAT.

So when a user looks at it, they can see the overall picture.

Thanks

2

I think we can put together some report here based on the previously submitted returns and the ledger balances. From all the tax based reports discussed I think this would be the simplest to implement.

1 Like
3

Hi Glenn

Just something to add to the statement, as i am not sure if this feature will be added to the VAT statement.

I have assumed that the statement will be showing the balances of submitted returns/payments made/refunds made by HMRC - will also be able to pull the ‘VAT due for next return’, at the moment this figure is sitting under balance sheet but split between PURCHASE TAX CONTROL ACCOUNT and SALES TAX CONTROL ACCOUNT?

Thanks

4

The difference between “Purchase tax control” and “Sales tax control” will not give you an accurate balance if you’re on the cash accounting method. These values are calculated on an accrual basis, so would only give a true picture of the VAT liability if you’re on the accrual method for VAT accounting.

5

Hi Glenn

Is there any progress/update on this feature?

Many Thanks

Kind regards
Sameera

6

We’re engaged in a few other projects at the moment so I’m afraid this isn’t likely to get reviewed in the near term.

Also for the reasons I mentioned in my last post it’s really only applicable for those on accrual VAT, which currently only represents a small percentage of those filing VAT returns in Quick File.

7

Hi Glenn

Sorry for the confusion, i was referring to VAT statement rather then adjusting the balance sheet.

Thanks
Sameera

8

Hi Glenn

I have realised that you have a nominal account VAT LIABILITY (2202) which is exactly what a VAT statement should be… maybe presented in slightly different format.

What are your thoughts on this?

Thanks

9

This just basically records any VAT outstanding at any given time. You could just go to the ledger view for this code and it would show you the credits and debits.

10

yes, but is it possible to show it under list of reports in a slightly different format.

As an accountant, i know where to go and look, but for non-accountant user its not as straight forward. This was also why i suggested a VAT statement initially…

It will make it easier for users to look for this information…

11

What we want to try to avoid is duplicating things unnecessarily. It’s very simple for us to add a link in the reports section to the VAT liability ledger, but I don’t really see any point in creating a duplicate of this report elsewhere, not without enhancing it in some way i.e. by bringing in additional information.

1 Like
12

If it’s just a case of trying to avoid duplication of links in the general interface could you not put a set of these buried reports/links in a separate ‘accounts reports for dummies’ section or something along those lines. If you know what you’re looking for then you won’t see any duplication elsewhere in the standard interface.

13

I think in time we will create dedicated report for taxation that will show PAYE, VAT and Corporation Tax liabilities. This will probably include links to the various ledgers.

1 Like
14

Hi Glenn, I am delighted to hear that in time you will create a dedicated taxes reporting section. I suggested this a while back.
You have my vote for this.

Many Thanks

15

any progress on this feature.

Thanks

16

Sorry, nothing as yet. We’re carrying out some big changes on our infrastructure to cope with an increase in demand. We’re not looking at developing any more features until we get the infrastructure right. Realistically I think this will take around 6-8 weeks after which we should be able to look at some other smaller projects.

EDIT:

I’m still a bit unclear what exactly you’d like to see here? Maybe if you can provide more detail that would help move the development process along?

17

http://community.quickfile.co.uk/t/reporting-vat-statement/1267/13?u=sameera

I was asking about this post

18

OK I think we will get to this eventually, unfortunately I just can’t say exactly when at the moment. I will update you as soon as we can review this area.

1 Like
19

How can I see my VAT figure, I have looked at the chart of reports but cannot see one for VAT or tax
Kath

20

It’s recorded under the following nominal accounts:

[2200] Sales Tax Control Account
[2201] Purchase Tax Control Account

Once you submit a VAT return, the amount owed or due gets shifted to the following account:

[2202] VAT Liability