Set up VAT statement templates and VAT statement names
Tax authorities can, and do, change their requirements for posting GST. GST Statement templates and GST statement names can help you prepare for upcoming changes and make a smooth transition to the new requirements. You can use VAT statement templates to set up different Reports when choosing to print the statement. Each VAT Statement Template can have multiple Vat Statement names, which in turn define the calculations, and you can create a new VAT statement name when requirements change. For example, one name might calculate GST for this year based on the current requirements, and another might calculate GST based on requirements for next year. Names are also a way to keep a history of GST statement formats, for example, so that you can look back to see how you calculated GST in previous years.
To define a GST statement
GST statements let you calculate your GST settlement amount for a certain period, for example, a quarter.
- Choose the
icon, enter VAT Statements, and then choose the related link. - Choose the Name field, and then choose New on the GST Statement Names page.
- Fill in the required fields. Usually you want to have a setting for each GST Bus. Posting Group / GST Prod. Posting Group combination. For Row numbers it does make sense to use equivalent numbers or codes as in your official VAT Statement Hover over a field to read a short description.
Tip
You can filter the information that the statement will include, depending on what you choose in the Type field. Account Totaling is useful when you want the VAT from a specific account. VAT Entry Totaling gets VAT from the accounts assigned to the selections in the Gen. Posting Type, VAT Bus. Posting Group, and/or the VAT Prod. Posting Group fields. Row Totaling lets you enter a value or quick filter criteria in the Row Totaling field. For more information, see Searching, filtering, and Sorting Data. Description is often used to add a note to the statement. For example, you could use it as a heading when you've used row totalling.
To preview the GST statement
After you define a GST statement, you can preview it to make sure it meets your needs.
Tip
It is best practice to have one section in the GST Statement using TypeGST Entry Totalling and another section below using TypeAccount Totalling to reconcile the amounts based on the GST Entry table compared to the amount on the G/L Accounts. You can also use the G/L - GST Reconciliation Report for this purpose.
- Choose Preview.
- Enter a date filter to limit the statement to a specific period. For more information about how to customise the page to show the date filter, see Searching, filtering, and Sorting Data.
- You can select various options to specify the type of GST entries to include in the statement.
- On the lines where the Type field contains GST Entry Totalling you can see a list of GST entries by choosing the amount in the Column Amount field.
- You can use personalisation to show more fields in the lines. For example the Unrealized Base Amount and Unrealized VAT Amount, if you're using unrealized VAT.
See also
Set Up Value-Added Tax
Setting Up Unrealized Value Added Tax
Report VAT to a Tax Authority
Work with VAT on Sales and Purchases
Local functionality in Business Central