The VAT Statement report in Microsoft Dynamics NAV is a schedule which can be configured by the user in order to settle VAT. This can be design to facilitate the filing of the VAT Return.
The Calc. and Post VAT Settlement is the function which will ultimately settle the VAT for the period in the VAT Entries table and G/L Entry. It is highly recommended that both reports are matched before the settlement is posted
Running the VAT Statement Report
- Click on Search function, type VAT Statements and select VAT Statements:
- Select the report required from the list and click on Print
Populate fields required as follows:
- Set Starting Date and Ending date for the VAT Quarter required. Dates can be set from the calendar drop down option.
- Set 1st option for Include VAT Entries set as Open.
- Set 2nd option for Include VAT Entries as Within Period
- Switch on Round to Whole Numbers (Optional)
- The user has to the option to issue the report both in base currency (LCY) or Additional Reporting Currency (ACY). Switch on Show Amounts in Add. Reporting Currency to issue report in ACY
- Press Print to issue report
Running the Calc. and Post VAT Settlement
- Click on Search function, type VAT Calc. and select Calc. and Post VAT Settlement
Populate fields required as follows:
- Set Starting Date and Ending date for the VAT period required. Dates can be set from the calendar drop down option.
- Posting Date should be set with the date when VAT return is due.
- Document No. is user defined and shall be populated manually by the user.
- Set Settlement Account to 20670 (VAT Liability Account)
- Switch on Show VAT Entries
- Switch on Show Amounts in Add. Reporting Currency to issue report in ACY
- Press Print to issue report
N.B. Post shall only be ticked and report re-run when VAT reports are analysed and approved. This process will transfer all VAT Entries for the period to the VAT Liability account.