Account Transactions Report - Show VAT for Bank Accounts
To enable VAT to be shown on Account Transaction Reports for BANK ACCOUNTS
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When reconciling the VAT to the VAT Reports, it is necessary to pick up the VAT from each type of transaction. We can pick up some of the outputs from the Sales Day Book (Receivables Invoice Detail) and some of the Inputs from the Purchase Day Book (Payable Invoice Detail) but what of the VAT which is dealt with straight from the Bank Account with no related Invoice / Bill.
VAT Inspectors require a clear audit trail and although the VAT Reporting itself shows each transaction, it is currently difficult to PROVE that everything is there.
Graham Oddy
shared this idea
Hi Graham and Susanne, we've recently released a new common format for the General Ledger Details report that provides a more direct overview of the tax entered for all transactions in an org - You'll see this is now available from the left side panel named 'Account Transactions with tax rates'
This view includes all transactions that have a tax implication to the ledger regardless of where they came from. 🙂
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Lynn Sheppard
commented
Clients using Cash Accounting scheme for VAT - I need to be able to identify and reconcile the vat element per bank account if one client has multiple bank accounts. I chose the option Bank Transactions by date in Account Transactions and chose the options to include VAT, VAT rate but it was showing 0%. If you are able to choose these options, can you not get them to work? My client does not understand VAT returns but needs a breakdown of VAT per bank account.
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Susanne Harrison
commented
This would be very helpful for a client of ours.
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Joy Ireland
commented
I am having similar issue with the cash summary not showing vat in the correct place (Ive been advised it works in the old cash summary report) but understand the old report will be phased out.
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michelle Gorman
commented
Please can we have a report from the bank to show payments and receipts with VAT elements?
Sage has this and it was so useful for VAT reconciling instead of having to run a bank transaction report, isolating the bank transactions then having to go into the nominals to gain information. You can not also do this from the bank reports.