Example 1:
Currently set-up for VAT returns every 3 months with the
quarter dates of March, June, September and December
2001.
The current open quarter is September 2001, to be closed as
normal to include posted transactions for July, August and
September 2001.
The VAT returns dates, as agreed with the local VAT office are to
be changed to January, April, July and October.
There are two approaches to achieve this:
- A short single VAT period for October 2001
- An extended four-month VAT period to January 2002
Note: The VAT reports are driven by transaction
date, IRIS Accounts Office sets the VAT return date in the
transaction header and posts it to the VAT return as it is posted
from the daybook.
Although out of period transactions will be dealt with correctly
during the transitional period, try not to inadvertently post out
of period.
Example 2:
A short single VAT period for October 2001
In this scenario, ensure NOTHING is posted from the daybooks for
October and beyond until the September VAT return is completed and
closed. Adding and processing transactions to invoice stage is
fine, but immediately a transaction is posted for October
- with the original VAT [F5] settings - the December 2001
quarter will open and become active.
1. Agree and close the September VAT return
2. Change VAT set-up [F5] as follows:
- Last tax return 30/09/2001
- Tax return every 1 month
This will set the 'Current Period' to 10/2001 (October/2001)
3. Post October transactions, ensuring NOTHING is posted
from the daybooks for November and beyond until the October VAT
return is completed and closed. Adding and processing November
transactions to invoice stage is fine, but immediately a
transaction is posted for November, with the current VAT [F5]
settings the November 2001 VAT period will open and become
active.
4. Agree and close the October VAT return
5. Change VAT set-up [F5] as follows:
- Last tax return 30/10/2001
- Tax return every 3 months
This will set the 'Current Period' to 01/2002
(January/2002)
6. Continue as normal
