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VAT Late claims UK

Hi how does financials manage late vat claims? im on a cash scheme, UK company, once you've set up the posting group for unrealised vat, how would financials account for any late claims within a previous period?

Categories:

Financial Management

Hi Charster23

Unrealized VAT gets recognized when payment is received. Up until that moment it will not show up in your VAT statement.

When reporting VAT, after you fill in your VAT return you'll run Calc and Post VAT Settlement report. This will post total VAT due to VAT payables account and close VAT entries you report in the period.

For next period of reporting if you had any late VAT claims, you should run VAT Statement with Include VAT entries filter set to Open entries and Before and Within Period, as on picture below.

8463.Untitled.png

So lets say that for April you reported VAT and ran Calc and Post VAT Settlement report. This means your April VAT Entries are now closed. In May you get late VAT claim that refers to April. Now only May VAT Entries and late ones referring to Aprila are open. Setting VAT Statement filter to Open and Before and Within period will include all open VAT entries from before and within period (ones not closed in April and open from May).

Regards

Ivan

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