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Lawrence Molefi

VAT reports and processing

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Afternoon people, I hope you all are doing well.

I have a question here regarding VAT periods and reporting frequency.

In my jurisdiction, we pay VAT on the 20th of the following month, so when I view my tax reports in the current month having not closed the prior month VAT period, transactions that I processed in the current month seem to be appearing in the VAT report for last month even though they do not belong in that month and as such my Vat liability/refund and inclusive and exclusive values therefore become wrong.

Is there any way I can go around that problem without having to close my VAT period before due date??

  • +1
    verified answer

    Good day Lawrence,

    There is no other way of going around this issue as a tax period is a full calendar month. Therefore, transactions processed within the current month will fall into the current open tax period.

    To ensure that your tax is correctly reconciled for your tax reports, it is essential that the Tax Reporting Period is closed correctly. At the end of each Tax Period, you will print your report and close the current Tax Period. If a transaction is backdated to a closed period, the tax will form part of the next Tax Period.

    If you are not in South Africa, you do not need to use the Tax Manager. You can disable it by going to Help | About, press the following keys on your keyboard simultaneously: Alt + Ctrl + T. On the message that comes up, click OK to revert to the old tax reporting method.

    Note: Tax Manager will only be disabled temporarily until you close and reopen the company.

    I hope that you find the above in order.

    Please verify or reply and let us know if this solution / advice provided helped in resolving your query.

    Kind regards,

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