In the financial management tools of WisePlatform, there are several different methods for handling the VAT period.
Our clients have the option to revert to the old VAT period handling model if they wish.
Old VAT period handling model
When the VAT period is closed, all vouchers attempting to enter without a date will appear on the front page of the accounting system under incomplete vouchers. In this model, incomplete vouchers are reviewed, and a date correction is made for the next open period.
Current VAT period handling model
Method 1:
In the current model, the VAT period does not close, but warnings for VAT periods appear on the front page of the accounting system. These warnings occur if vouchers have been created for a closed VAT period after its closure.
These warnings can be reviewed by clicking on the warning in the summary view on the front page of the accounting system.
Method 2:
Another way to review VAT period warnings is to navigate to the tax summary by selecting:
→ Accountancy
→ Reports
→ Tax Summary
A list of vouchers created after the closure of the selected period can be obtained by clicking the link in the "warnings" column for the chosen month.
We'll search for the relevant vouchers and correct them for the next period. Afterward, we'll clear the "warnings" listing in the tax summary, which will remove the warning from the front page of the accounting system.
