Output Transactions
The I and
O
tax transaction sheets feed data into the respective Accounts Payable
and Accounts Receivable
sheets. They can be developed from the Insert Sheets
tab. These sheets can be manually populated directly to the sheet, populated via the Manual Upload
(S
) sheet, or automatically populated upon data import.Data Flow
Manual entry boxes data to be entered directly. The following fields are required:
- Description
- Date
- Tax code
- Rate
- Net Amount
- Tax Amount
If
Partial Exemption
is included in the computation then an additional field called Supply Type
is required.If the tax amount does not equal the rate applied to the net amount, then a validation error appears reporting a discrepancy. After reviewing the discrepancy, select Reviewed inconsistency in VAT.
To clear rate errors, add a note to the cell (for example,
Reviewed
), or change the tolerance level on the Tax Rates (T) sheet. When returns are rolled forward the previous data automatically flows into the Prior Period
section.The schedule flows through to the Schedule I,
O
, and Return Summary Analysis
as relevant.Related Content
-
Accounts Receivable - O
Format:
Article,
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