Introduction - Run the VAT settlement
Periodically, the net VAT must be remitted to the tax authorities. To calculate this amount, run the Calculate and Post VAT Settlement batch job. The following list describes specifics that are related to this batch job:
The batch job calculates VAT settlement of open VAT entries in previous accounting periods.
The batch job finds all the VAT entries in the VAT Entry window for every VAT Posting Group combination that's included in the batch job filters.
You can use the batch job to start the posting process or to print a test report.
You can run the batch job as frequently as it is needed.
To run the Calculate and Post VAT Settlement batch job, follow these steps:
Select the search for Page icon in the top-right corner of the page, enter Calculate and Post VAT Settlement, and then select the related link.
In the Starting Date and Ending Date fields, define the date range for the VAT entries to be settled.
In the Posting Date field, define the posting date for the settlement.
In the Document No. field, enter a unique number. This field is required to run the batch job.
In the Settlement Account field, select the drop-down list and then select the G/L account that the net of the purchase and sales VAT entries is transferred to. This account is typically a balance sheet account.
In the Show VAT Entries check box, perform the following tasks:
Select the field to display all VAT entries that are used to calculate each VAT Posting Group settlement amount.
Clear the check box if you want to display only the total settlement for each VAT Posting Group.
In the Post check box, when you print or preview the batch job, perform the following tasks:
Select the field to post the transfer to the VAT settlement account automatically.
Clear the check box if you want to print a test report.
Select to insert a check mark in the Show Amounts in Add. Reporting Currency check box for report amounts to be shown in the additional reporting currency.
On the VAT Posting Setup FastTab, filter on the VAT business or product posting groups to be included in the batch job, when it is needed.
To preview or print the report, follow these steps:
Select Preview to review the report or select Print to print the VAT Settlement.
If the Post check box is selected, you'll receive a message that asks whether the VAT Settlement must be calculated and posted.
Select Yes to continue posting.
Select No to prevent posting.
Close the Print Preview window.