VAT reconciliation deals with the grouping of transactions on the basis of the VAT handling codes applied. This lets you classify and display the transactions on the basis of the VAT codes and a separate report can also be generated to see the transactions against specific VAT codes. You can determine the VAT codes applied to different items and also the amount accrued corresponding to each VAT code. This is a legal requirement from the government mandating the concerned organization to provide the data pertaining to the VAT amounts applied on different items to the finance departments.
Enquiries and printouts
- VAT control account table enquiry
- VAT check printout
- VAT analysis printout