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This article applies to:

  • Product: ONESOURCE Indirect Tax Compliance

Reverse Charge Transactions - N

The
Reverse Charge and Acquisitions
 (
N
) sheet is used to enter cross border transactions within the EU that are subject to the reverse charge mechanism, and where the liability to pay taxes is shifted to the purchaser of goods and services. To develop this sheet, select the required tax codes from the
Insert Sheets
 dialog.

Data Flow

Manual entry boxes allow data to be entered directly on to the sheet.
Description
,
Date
,
Rate Type
,
Row Type
,
Net Amount
, and Tax Amounts are required to be populated.
Row Type
 is a unique field to the N sheets. This is based on how the transaction is reported in the source file:
  • If the
    Input
     and
    Output
     amounts are reported on the same line then
    Both
     should be selected.
  • If the Input and
    Output
     tax are reported on separate lines, then two lines are required where one has
    Row Type
     set to
    Input
     and the other set to
    Output
    .
  • Data from the
    N
     sheet flows to the
    Accounts Payable Summary (I)
     sheet, the Return Summary Analysis (A1) sheet, and the
    Transaction by Rate: Accounts Payable (B2)
     sheet.

Developing the Schedule

This schedule can be developed from either the input
Schedule I
 or the output
Schedule O
.

Completing the Schedule

  1. Enter the description.
  2. Select
    Rate Type
     from the drop-down list.
  3. Enter
    Net of VAT
     amount as appropriate.
  4. Enter
    Input VAT
     amount as appropriate.
  5. Enter
    Output VAT
     as appropriate, and remember that due to the sign convention this needs to be entered as a negative number.
  6. The schedule flows through to the Schedule I,
    O
    , and
    Return Summary Analysis
     as relevant.

Standard Sub-schedules

There are no standard sub-schedules for this schedule.

Carry Forward

Information entered on this schedule carries forward to the next period and is displayed with the prior period totals on the right hand side of the window. This allows comparison of the periods' figures to be made and may help you identify any mistakes.

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