VAT Form 100 - Cashbook

This option allows the facility to print the details required for the quarterly (monthly) VAT Form 100 that all VAT traders in the UK must send to their VAT offices. The facility can also print an audit trail to show where the VAT figures come from.

You can print the report as many times in the period as you like, when you are happy with the VAT figures, you can print the report one more time and set it to ‘update’ the system which marks the transactions with the VAT period number. By quoting an earlier VAT period number you can reprint the form from a previous period – it only uses those transactions marked with that period number.

The values for the VAT Form 100 are accumulated from all VAT-able transactions that are entered into the system for the period in question. In essence VAT-able transactions come only from:

The Sales and Purchase Ledgers. Where possible, it is best to pass all VAT-able transactions through the sales and purchase ledgers, when these transactions are updated to the nominal ledger, this action creates the necessary VAT audit trail.

The Cash Book. VAT-able transactions can be entered directly into the nominal ledger through the cash book Receipts and Payment posting options.

The VAT form procedure examines only those nominal transactions with non-blank VAT codes and only the above options can create these. No other transaction paths create nominal transactions that can be used by the VAT Form 100 procedure.

This option does not apply if you are using Cash Accounting or if the VAT month/year does not match the Datafile Accounting calendar (for example if you use 13 four-weekly periods.

If you enable this option (a parameter in the VAT table configuration options in the Installation section) after you have been using the nominal/cash book for a while then the VAT Form procedure will find transactions that aren’t in the correct format for the report (let alone in the right period). You should plan to initialise your VAT form when you are at the end of a VAT period. The system will then flag all old transactions so that they are subsequently ignored, ready to start the new VAT period with a clean sheet.

The very first time you use the VAT Form 100 you will be warned:
You should then enter the VAT period just finished (into the prompt ‘VAT for quarter ending period’) and select to PRINT the report. The system will then mark all nominal transactions with non-blank VAT codes with the period number 00YY, where YY is the year given in the VAT period. Since this is not an acceptable VAT period number then any such transactions will be recognised as historic transactions that pre-date the new VAT Form 100 procedure.

When you select this option (after the initialisation) the following options are available.

The accounting period that is three periods (if quarterly, one if monthly) on from the period the VAT Form 100 was last updated is displayed here but may be overwritten.If you enter a period equal or prior to the last updated period then this identifies that you want to reprint the report for a historical period.

Set to print an audit trail and a summary of transactions after the VAT Form 100 itself.

Set this when all transactions for the VAT period you are reporting have been entered and you are happy with the reported figures. After printing the report all transactions are marked with the associated VAT period and that period is ‘closed’.

When you select to print the report the system process the transactions and accumulates the VAT Form 100 values for display.

Once displayed you are given the option to proceed with printing of the VAT Form report and the supporting audit trail.

Article ID: 1060
Created On: Wed, Jun 27, 2012 at 3:35 PM
Last Updated On: Mon, Jun 19, 2023 at 6:58 PM