VAT Input/Output Analysis Report

Purpose:
The report shows the net Purchase and Sales amounts by VAT code, showing for each entry the Supplier or Customer ledger code, the date, debit & credit net amount the VAT amount and the transaction number. This report is the backing documentation to the VAT Summary and VAT Report and should be retained for future reference. It is also a useful report to investigate any differences between the VAT Control account and the VAT Summary.

Print each month or quarter (cumulative) as part of End of Period process before closing the nominal ledger period. or save as .pdf and save in a regularly backed up folder.
Print as required to prepare a VAT return.
Print/display as required for reconciliation with VAT control account.

Preparation:
Ensure all the current transaction period’s data has been processed.
Ensure sales and purchase ledger period ends have been run – see Period End Processing .

Processing:
Either: On the main menu click Ledgers > Nominal > Standard Reports > Input/Output Analysis, or click Report button – Nominal Page – Input/Output Analysis to open form.
Select parameters – see Input/Output Analysis form – below
Select printer – see Printing Reports.
Click OK to print/display/export to selected file type.
Close form.

Balancing/Reconciliation:
Reconcile report balance to VAT control account balance. Investigate and amend differences and include entries on VAT return as appropriate. If using VAT Invoicing scheme the VAT Return figures should agree with the final balance on the mominal ledger at the quarter end. If using the VAT Cash Accounting Scheme the balance on the nominal VAT control account should equate to the VAT payable on the VAT summary plus the net of the VAT due on the outstanding balances of the customer and supplier ledgers.

Filing:
File with month end working papers and/or VAT return workings.

Use the reports to check your VAT postings in order to ensure your VAT Return is correct. If you have a lot of transactions it may be wise to produce one element at a time to check.

Check Future postings just to ensure there is nothing relating to the current VAT period.

Ticking the Nominal checkbox will produce a report to list the transactions included in the report. These transaction will not show separately but are included in the standard input and output figures.

Click OK to produce report and Close to abandon – Note: If you can, check on screen to save printing. You can also use the VAT Period Analysis to check your VAT transactions.