A VAT ON DEBTORS REPORT WILL AUTOMATICALLY GENERATE AT THE RELEVANT DATE. THIS REPORT TOTALS THE VAT FIGURE WHICH REMAINS OUTSTANDING TO BE RECEIVED.
IT IS ADVISABLE TO PRINT THIS REPORT AND MAINTAIN AS PART OF THE WORKING PAPER FOR THE VAT RETURN.
Once satisfied that all the VAT reports are correct and has captured all transactions tick the box to tag the transactions. This is a method of marking the invoices which have now been included in a return to the Revenue and so excludes such transactions from future returns. The tagging process prevents the amendment of any tagged transactions.
N.B. Once the report has been tagged the tagging process cannot be reversed, it is advisable to take a backup prior to tagging in the event that you may need to restore the company accounts to the point before tagging.
Restoring a back taken prior to the tagging is the only method of “reversing” this process however any data entered between the date of the back up and the current date will be lost if a back up is restored.
UPON PREPARING A VAT RETURN ALL SUPPORTING REPORTS USED SHOULD BE PRINTED AT THE TIME OF THE RETURN PREPARATION AND MAINTAINED FOR FUTURE REFERENCE.
FOR ANY ISSUES OR SUBSEQUENT REVENUE VAT AUDIT WHICH MAY ARISE IN RELATION TO THE RETURN IT IS IMPORTANT THAT YOU HAVE A PAPER TRAIL TO REFER TO. THIS WILL ALSO SIMPLIFY THE FINANCIAL YEAR END RECONCILIATION OF VAT FOR THE ACCOUNTANT.
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