The VAT calculation provides breakdowns of payable and deductible value-added taxes for the selected period.
You can access the VAT calculation through Financial Economy → Accountancy → Reports.
From the "Reports" dropdown menu, select "VAT Calculation," and you can choose the precise time interval, or for example, -2 months, according to the desired review period.
When examining the accuracy of the VAT calculation, the totals of "Total Taxes Payable" and "2939: VAT Payable" should match. Similarly, the totals of "Total Taxes Deductible" and "1763: VAT Receivable" should match.
As we can see in the example image, the totals do not match, indicating errors in the vouchers for the current period. When searching for discrepancies between VAT liability and payable taxes, in such a situation, errors must be traced by adjusting the end date of the period until the discrepancy occurs for the first time. Once the date is determined, investigate the vouchers for the VAT payable account on that date. After corrections are made, they will be reflected in the VAT calculation.
When the information in the VAT calculation is correct, the report automatically calculates the amount of tax payable/refundable. If the calculation indicates that the company owes tax, the information can be easily transferred to a purchase invoice using the calculation.
You can print or save the calculation in PDF format by clicking the printer icon. This makes it easy to attach the calculation as a document to the purchase invoice.
On the VAT calculation, you can also access details of tax rates by clicking on the tax rate link (e.g., KOMY or NONE). This breakdown reveals the basis for taxation and the amount of tax for each tax rate.
By opening the breakdown for each tax rate, you can see which accounting accounts have entries made for that tax rate. Clicking on an accounting account takes you to the general ledger for that account.
