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I currently use an excel spreadsheet to prepare my UK Vat return as I can't work out to set the NAV ( 2017) report date criteria correctly and end up with the wrong VAT amount in my control account. I journal Vat between my general accounts to get the correct amount in my VAT control account. With MTD on the horizon I need to work out how to use NAV properly. Here is an example of what goes wrong with a VAT return end date of 31 March. If I post a purchase invoice with a document date of say 29 March and a posting date of say 5 April, the document is excluded from calc and post but if I extend the end date to 5 April NAV calc and post includes all documents posted to 5 April and included documents dated after 31 March which belong to the next Vat quarter. Can anyone advise me what I am doing wrong ? Many thanks
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I think that I need to wait until Microsoft releases the update for MTD to see if this addresses the problem, but at least I gave a few work arounds. Thank you for your advice everyone.
I think it is fine to handle VAT upon Posting Date.
Let's say you have an invoice which is dated on the 20th October, but you received it on the 5th November.
As far as I'm aware it's ok to have the VAT in the next period, even when the invoice is dated on the 20th Oct.
But, if you want to handle it a different way (based on Document Date), you need a customization for this.
Yes I am, I do find it very useful to have both the actual posting date and the document date as that is what I am used to, and other accounting packages I have used do allow use of both the posting date and the invoice date for Vat reporting.
The Posting Date is used to post the transactions in the CoA (incl. VAT) and Customer Ledger Entries.
The Document Date is just used as a date, that determines the date of the printed document (but not the date of the financial transaction).
There is no general rule for UK companies to match the Posting Date with the Document Date.
In regard to month end, it depends on your business.
One of my UK clients does take care that all sales and purchase orders are processed before they close the year (or month).
I assume you are asking this question for purchase invoices which arrive late?
Would that be usual practice for UK Vat registered companies ie to match the posting date to the document date, wouldn't that cause problems at year end as you may have to post back to a previous year?
Hi,
Sure, you can modify the source code of NAV and add any kind of extension.
But, in your situation -- why not keep the Posting Date the same as the Document Date?
Hello, yes I know that the VAT statement uses the Posting date but the VAT reclaim should be based on the document date. Is it possible to add more criteria to the VAT Calc and post report and the Vat statement i.e. posting date up to x and document date up to date x.
Hi,
I think the VAT Statement is based on the Posting Date.
Because when you post a Purchase or Sales Document, the VAT is moved into the CoA using the Posting Date.
Hello Nitin
I leave the start date blank in my report but can't find a tax detail table.
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