Producing the VAT Return

When you choose the VAT option from the Financials window, the Value Added Tax Return
window appears. This window looks like the VAT Return form you submit to your tax office.

Note for Irish users: If you have set your regional settings to English (Ireland), Line 50 displays the Irish VAT Return. For help with producing your Irish VAT Return, refer to Line 50’s online Help.

Note: Calculating the VAT Return does not affect your Sage Line 50 transactions at all (i.e. no postings are made to your nominal codes) so you can calculate as many times as you like. However, when you choose the Reconcile button, this ‘flags’ the transactions to indicate that they have been used to calculate a VAT Return. This stops them being used to calculate a future VAT Return, unless you specifically indicate that you want them to be included.

To produce your VAT Return

• From the Sage Line 50 toolbar, click Financials and then click VAT. The Value Added Tax Return window appears.
• Enter the VAT Period dates in the 'For the period From' and 'To' boxes. These dates are
  inclusive, i.e. any transactions logged on these dates are included in the VAT Return. To include previously reconciled transactions within the specified period, select the 'Include Reconciled' check box.
• To calculate the totals for your VAT Return, click Calculate. Sage Line 50 searches through the audit trail and calculates all the VAT transactions within the period you specified.

It also searches for any transactions that are dated before the period specified but have not previously been reconciled, for example, late postings. If any unreconciled transactions are found, you are told how many and asked if you want to include them or not. If you want to include these transactions on your VAT Return, click Yes. If you do not want to include them, click No. If you choose not to include them, they remain as unreconciled transactions and the message appears again when you next run your VAT Return. Your VAT totals are automatically entered for you into the appropriate VAT Return total boxes, on the Value Added Tax Return window.

Posted in: VAT