Can Accounts Production calculate the INPUT or OUTPUT VAT for a Posting?

Setting up the VAT rates To set up the VAT rates you will need to be logged in as a master or super user. Select Setup | VAT rates. If VAT rates have already been entered they will be listed here. Select New. Complete the relevant boxes as follows: Description Enter a description for the new Value Added Tax rate. Input / Output Tick the relevant field to show if this VAT rate is for input or output VAT. Rate type Click the magnifying glass to display a screen showing ‘VAT Tate Types’ eg. Standard (Fixed % Rate) and Zero (0%). If Standard is selected: IRIS will display a screen to complete the following: Rate% Enter the percentage rate to be used when calculating the VAT when posting. Default VAT account/sub-account Enter the account number you wish the VAT postings to be made to, use the magnifying glass to display a list of accounts. Completion of this field is optional but if you do not specify an account for the VAT postings here, you are asked to do so when you use the VAT mode in the Posting option. If Variable, Exempt, Export or Zero rate is selected: IRIS will display a screen to complete the account number to be used. Enter an account number you wish the VAT postings to be made to. Use the magnifying glass to display a list of accounts. If you do not specify the default VAT account here, you will be asked to do so when you use VAT mode in the Postings option. Click OK to save the Default VAT account and return to the previous screen. If Not Applicable is selected: This rate is designed so that if you need to post salaries etc. when the VAT mode is on you do not have to switch the VAT mode off to make postings and then turn it back on again. Instead you can highlight the VAT rate on the postings screen and change it to the Not Applicable rate to make your postings. You can then change the rate back when the salary postings have been made. Changing / deleting VAT rates To change or delete VAT rates, select Setup | VAT rates. IRIS will display a list of existing VAT rates. Select Delete to remove the rate and Change to amend the rate. You can change the Description and Input or Output rate by moving to the field and making the change. Making postings using VAT mode Select the posting file entry, Posting | Post. On the posting screen, click the VAT Mode option from the toolbar and select Switch on, you will be asked to select the VAT rate. If you did not stipulate a Default VAT account for the VAT postings, you are asked to select one at this point. If you selected a variable rate you are also asked to specify the VAT Rate at this point. Enter the Period Number (i.e. VAT quarter) and/or period end date. Specify whether the amounts you are entering are gross or net of VAT. The posting screen changes slightly so that there is a field for the VAT proportion of the posting. You can now make your postings. Change the amount in the VAT field if the calculation is not correct. This makes a corresponding change in the Amount field if appropriate. If you want to change the VAT rate while you are posting click the magnifying glass in the Rate field to display the list of rates and select the one you want to use. When you have finished making VAT postings remove the tick from the VAT field. When making postings, VAT mode can be combined with List mode to reduce the amount of postings on the nominal ledger. Select a double entry document type Select VAT mode Select List mode, again this is available from the toolbar. IRIS will display a screen asking to select ‘Standard’ or ‘Mini-list per posting’. Your choice affects the postings made: Standard This option reduces the number of entries in the nominal ledger to the bank and VAT accounts. A net posting is made to each of the nominal ledger codes you enter. When List mode is switched off a total posting is automatically made to the nominated double entry control account and the Vat account. Mini-list per posting This option makes three entries in the nominal ledger for each posting. A net posting is made to each of the nominal ledger codes you enter. A posting is automatically made to the VAT account for each nominal posting. A gross posting is automatically made to the nominated double entry account for each nominal posting. When both VAT mode and List mode are switched on a note to this effect appears at the top of the posting screen. List Mode Total and List VAT total If Standard mode is used these fields show the amount of the two postings which will be made when list mode is switched off. If Mini List per Posting is used these fields are displayed on the screen but the totals always remain at zero. VAT reports Select Reports | VAT, complete the posting report screens. Choose one of the VAT reports from the menu. IRIS will display a screen asking to complete the VAT Account, VAT Period and Session identifier (if required). VAT Account: Input / Output Enter the account number(s) the VAT element of the amount was posted. Use the magnifying glasses to display a list of accounts. VAT period: From / To Enter the period number(s) and/or dates the report is to cover. Originating accounts: These are the accounts to which the net amount was posted. Click the magnifying glass to display a screen showing the following: Select Any account if all originating accounts are to be included in the report. Select Range to be entered if only a range of originating accounts are to be included in the report. Select Specific to be entered if only specific originating accounts are to included in the report. If Range or Specific; to be entered are selected you will be asked to specify the required originating accounts when you select OK on the Vat reports – Schedules / Summary screen. VAT rates Click the magnifying glass to display a screen showing the following: Select Any rate if all VAT rates are to be included in the report. Select Specific to be entered if only specific rates are to be included in the report, if this option is selected you will be asked to specify the rate(s) when you select OK on the VAT report – Schedules /Summary screen. Document types Click the magnifying glass to display a screen showing the following: Select Any document type if postings using all document types are to be included in the report. Select Specific to be entered if postings made using specific document types only are to be included in the report. If this option is selected you will be asked to specify the document type(s) when you select OK on the VAT report – Schedules / Summary screen. Session identifier If you wish to generate a report showing only postings with a particular session identifier enter the session identifier in this field. The session identifier is entered in the Review or Specify posting batch screen in posting.