VTR - VAT/GST Monthly Reporting

What is

VTR is the basis report for completing the period-end VAT/GST return. The details for VTR are retrieved from the accounting transactions of the nominated VAT accounts, home or foreign. DOCENT/INVOICING etc will have secured turnover details that can be modified (controlled) and viewed in NRA_EC.

Exchange rates are needed to convert non home currency VAT turnover values and the day rates are very important. VTR will illustrate where rates are missing and the relevant history will then need to be updated before a rerun of VTR.

There are some style variations in the VTR, mainly initiated by local country regulations e.g. Italy, Holland. Not all worldwide regulations are included, but Hivedome will develop any missing schemes (at the client's cost).

How to use VTR

In order to use VTR you must first select all the report content details.

Customisation of the VTR Report

The VTR report presents a standard format for the layout of information. Customisation mainly involves inclusion or exclusion of VAT/GST related data (see below). The report will always present VAT/GST turnover per currency, then per account and then per VAT/GST code. Columns include amounts in entry currency, amounts in target currency, rate of exchange, department, etc. The following is the list of customising possibilities.

Start and end periods: These fields indicate the accounting periods to be included in the building of the report. All transactions posted to VAT/GST accounts during the periods enclosed by the start/end limits (limits inclusive) will be included in calculating the report.

Target currency: There is a fixed column in the report that is used for stating amounts in the target currency. In this way, the equivalent of entries in any currency are displayed. A Rate-of-Exchange-column indicates the rates used in the conversion. Additionally, the grand totals in summaries that appear at the end of the VTR report include a column for the target currency.

Target country:

VAT/GST codes: The VAT/GST codes entered here will be the only ones to be included in the report. You can use the ^F Find command to bring up a VAT/GST code picking list. No separate reports are generated per VAT/GST code; the inclusions/exclusions are observable in a consolidated manner. There is an option of 'ALL' to include all departments.

Departments: The departments entered here will be the only ones to be included in the report. You can use the ^F Find command to bring up a department picking list. No separate reports are generated per department; the inclusions/exclusions are observable in a consolidated manner. There is an option of 'ALL' to include all departments.

Report only total pages: Tick this box for the report only to include the summarising grand total reports that appear at the end of all VTR report. See Summaries.

Rates of exchange: Indicates what type of exchange rates are to be used for currency conversions (to the target currency), commercial or tax authority rates.

Types of VAT/GST accounts: Separate VAT/GST accounts per country are normally set-up in the Nominal Ledger. This selection indicates what type of VAT/GST accounts are to be included in the report, home VAT/GST accounts or foreign VAT/GST accounts

The Report

The report simply displays the information according to all the specifications of content entered in the customisation form. Only VAT/GST accounts with postings will appear on the report. See Report Form for more details on the navigation in this facility. The report does, however, contain standard summaries:

Summaries:

All VTR reports will contain four summary reports: 1) Grand totals per currency of VAT/GST turnover in the target currency, 2) Grand totals per VAT/GST code, per currency of VAT/GST turnover in the target currency, 3) General total advance VAT/GST levy and total turnover per country and 4) General total nomenclature and total VAT/GST turnover, total levy, total nomenclature and total payable.

HMRC MTD Filer:

This feature is only available for standard VTR reporting i.e. ctrl02_vatreportstyle = 0.
Operating entities (ctrl02_geogflg) that are GB residence (ISO code = GB) will enable the user to secure a .xls for direct input into HMRC x MTD filer.

The nominated CLI profile for the Operating Entity (S01 x ctrl02_mycli) will need to be maintained with the Entity VAT Registration code.

The boxes will contain the following content per VTR report:

Box 1: Outputs VAT amount in target currency equivalent
Box 2: always Zero (was EU Reversal for Inputs)
Box 3: Outputs VAT amount in target currency equivalent
Box 4: Inputs VAT amount in target currency equivalent

Box 5: Box 3 minus Box 4 where a -ve amount indicates a Receivable from HMRC

Box 6: Outputs VAT Turnover amount in target currency equivalent

Box 7: Inputs VAT Turnover amount in target currency equivalent

Box 8: always Zero

Box 9: always Zero

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