Reversing and posting VAT corrections

If you have transactions that need reviewing then the following pop up appears when you log in

You can either click Proceed to see the transactions that need checking, or click the X in the top right hand corner to clear the pop up and come back to it later.
When you click Proceed you will see a list of transactions that need to be checked.

For each transaction that is correct click the toggle to indicate Yes.For each one that is incorrect, choose the appropriate VAT rate (your school VAT codes will be shown), the VAT will be calculated for you. If you need to round the VAT up or down then you can update it manually.
Clicking Save will save the list you have so far and you can return to it later.Clicking Proceed will take you to the final checking step.

Before processing the transactions the summary box will show you what will happen.If you click Submit then the reverse and repost will be carried out for those transactions which have a new VAT rate.

NOTE : All new transactions will be stamped with the date you click Submit. This means that unclaimed VAT will appear in the current period. If you did not complete the list then the pop up will reappear the next time you log in. You will not be allowed to complete year end until all transactions have been checked.

This diagram below gives an overview of the logic used to reverse and repost the expenditure items that have been corrected. If you have any further questions please contact your support partner or the Arbor Finance support team.