• From: Malta
  • Registered: 04/06/2012
  • Posts: 123

Topic: TAX/VAT - Flagging Transactions

Hi,
How does one flag or mark as included, transactions on which VAT or TAX has been paid to the VAT Department?
The situation is as follows:
Let's say we have to report and pay VAT on a quaterly basis. We start with period Jan-Feb-Mar. All transactions for this period are entered and the VAT report issued. The return to the VAT department is filled and payment made.

A couple of days later an invoice is received that is dated in March. This invoice must be included in the next period so that the VAT is refunded or paid. But when the report is issued at the end of June, the late invoice won't be included.

Is there a way to flag transactions that have been included in VAT returns so that at the end of the next period, those unflagged transactions are included in thenew report?

I hope I explained this well.

Thanks and regards
Carmelo

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: TAX/VAT - Flagging Transactions

Please read about the tax system and reporting in Frontaccounting Wiki.

If this is a problem for you, you can always extend the selection period backwards. The balances should be emptied when you make the Tax report, if you follow the directives in the Wiki.

Joe

  • From: Malta
  • Registered: 04/06/2012
  • Posts: 123

Re: TAX/VAT - Flagging Transactions

Thanks Joe for the pointer.

Is there an easy way to find the invoices and receipts associated with the TAX report? Even those that were not included in the last period and therefore form part of the current period?

Thanks
Carmelo