VAT table

The VAT table displays summaries of VAT and taxable turnover in the current period and the current year, for each VAT code. The VAT and taxable turnover analyses for Outputs and Inputs are displayed in separate tables. If necessary you can update the rates for VAT codes.

From the Records menu choose System records to display the VAT table screen. Here you can:

• Check output VAT amounts
• Check accumulated inputs and VAT amounts
• Check the current VAT return totals
• Edit a VAT code rate, code and description

For instructions on how to post VAT reimbursements, see Income transactions.

To check output VAT amounts

1. From the Records menu choose VAT table.
2. Click on the Outputs tab.
   The VAT table screen is displayed with the Rates sub-tab selected.
   
   
   
   For each VAT code the following values are shown, based on income transactions received by the school for which VAT is owed to HMRC:
   • Nett Month: the nett amount of all transactions processed using that VAT code in the current month.
   • VAT Month: the total amount of VAT charged for that VAT code in the current month.
   • Nett YTD: the cumulative nett amount of all transactions processed using that VAT code in the year to date.
   • VAT YTD: the cumulative amount of VAT for all transactions processed using that VAT code in the year to date.

To check accumulated inputs and VAT amounts

1. From the Records menu choose VAT table and click the Inputs sub-tab.
   
   
   For each VAT code the Nett Month, VAT Month, Nett YTD and VAT YTD values are shown. These are based on all expenditure transactions paid by the school, for which VAT can be claimed back from HMRC.
   

To check the current VAT return totals

1. From the Records menu choose VAT table and click the VAT return sub-tab.
   
   The VAT return table displays a summary of the total VAT amounts and net outputs and inputs for the current period.

To edit a VAT rate, VAT code and description

If a VAT percentage rate changes, you can edit the VAT code.

Any required changes to the VAT percentage rates should be made BEFORE any transactions are recorded against them. If you change the rates later on, the period and YTD accumulator totals will not be adjusted retrospectively.

1. From the Records menu choose VAT table. On the Rate tab of the VAT table window, click Edit.
   
   
   
   
2. Make the required changes to the Rate, Output/Input code (max 2 characters) and Output/Input name for the VAT codes.
3. Click Save (or Cancel).
4. To display a report showing the figures on screen with Nett and VAT PTD and YTD, click VAT Summary.
5. To display a report showing the input and output transactions, click VAT Transactions.