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How to run a VAT reconciliation report (Maintained Schools)

Note: All pages below are subject to having relevant Roles and Permissions.

Go to Reports, Finance and select VAT Reporting.

From the parameter page click on the Create button to start the End of the Period VAT report.

The next VAT Period is automatically selected for the VAT Period.

Select the Report Type, VAT Reconciliation or VAT Short.

Select the report criteria and click on the Load button to start the report.

Similarly, to see a VAT Submittal BEFORE confirmation, select and click LOAD.

Click on Preview to run the report.

The Reconciliation report provides a complete list of all VAT rows in your Journals for the VAT Period.

Draft means not yet Confirmed for Submittal.

You can see the Tax point Date.

The totals are at the end of the VAT Reconciliation report are broken down by Reclaim and Owed amounts. These totals should tally with the totals in all other VAT reports, namely VAT FullVAT Short SummaryVAT Long Summary and VAT Submittal.  Ignore the VAT 126, which is for use in Academies.

VAT Reconciliation Report Totals.

Short Summary example.

VAT Submittal – NOT YET CONFIRMED.

The VAT Reconciliation puts the VAT Values as positives and negatives into the same column according to the VAT Type (i.e. Input or Output VAT) whereas the other VAT reports show the credit and debits as inputs or outputs in separate columns. Therefore, to reconcile these reports with one another, add the VAT Outputs and Inputs in a row together.

Go to General Ledger and select Chart of Accounts Enquiry.

Select the VAT ledger codes, then select the relevant ledgers.

Then select the VAT Return option.

Find and open one of the VAT Ledgers.

The Select VAT Return will default to the next VAT Period, leave the Ignore any other active enquiry filter option ticked and Apply the Filter.

The VAT Period Filtered view of the VAT Ledger will display the following:

•Along the top it is filtered for the selected VAT Period. You can see the Totals that will agree wit the reports

•The VAT Date column displays the Tax Point Date

•The VAT Period column is blank until the Submittal is Confirmed

Use the drill-down to check details of transactions.

Installing the Excel Add-in

Click on your Name top right of the Toolbar and select Versions.

Setup Excel

Install the Add-in to give access to Bromcom MIS and Finance (according to your security rights).

Add-in panel in Excel showing the Configuration, use your normal login parameters.

Use it to review your data in Excel – don’t forget to filter out unposted.

There are many columns A – AJ.

Signed Amount for the row. If you filter on VAT Ledger this is the VAT Amount. If you filter on the Net rows then the VAT Amount column contains the unsigned VAT.

VAT Submittal shows rows associated with VAT Submittal (Confirmed).

Updated on October 22, 2021

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