Vat control account

kbacc

While doing the year end stuff I have to do a Vat control account to be reviewed.

I can see the bimonthly vat returns but I don't know exactly what to produce.

Online there is just the basic double entry advice when making a sale/purchase. There is an element of irrecoverable vat to consider.

I would appreciate any pointers on what would be generally expected to be produced in this situation.

Thanks.

davindub

kbacc wrote: »

While doing the year end stuff I have to do a Vat control account to be reviewed.

I can see the bimonthly vat returns but I don't know exactly what to produce.

Online there is just the basic double entry advice when making a sale/purchase. There is an element of irrecoverable vat to consider.

I would appreciate any pointers on what would be generally expected to be produced in this situation.

Thanks.

What was produced last year?

Basically you need to explain the balance on the VAT account.

It should equal the last vat return of period not yet paid and any additional inputs/ outputs not yet included on a VAT return.

TiGeR KiNgS

The VAT control acccount should simply model what VAT is owed/owing at the end of the reporting period.

Should read something like this for the VAT related transactions during the period;

Opening balance
1. VAT on Sales (cr)
2. VAT on Purchases (dr)
3. VAT Paid /Repaid from Revenue Commissioners
4. Adjustments to point 1&2 above (if any)
Closing balance

So you need to pull the VAT reports on ths system and review the bank statmenet for payments.repay,enmts to Revenue
You may also need to pull the VAT returns from Revenue site as there may be some offsets from other tax heads.