How to perform a VAT closing quickly?
It is necessary to check whether the required accounts from the chart of accounts are assigned in the settings. Settings → Settings → Accounting In the "VAT" section, assign the corresponding accounts in the fields:VAT closing account – How to create a new cor. account in the chart of accounts? the correspondence account that will be used as the final VAT payable cor. account;VAT registration accounts – select the cor. accounts in which VAT is accounted for. (separate the entered cor. accounts with a comma).Check if the information is filled in the Settings → Settings → Accounting field "VMI client" General ledger → General register To perform VAT closing, click the "VAT closing" button. In the window that opens, specify the month for which you want to perform the VAT closing and then click the save button. VAT closing is performed only according to the turnovers of the VAT cor. accounts of the specified month from the "VAT registration accounts" field (point 1). After performing these steps, two entries are created in the "General register": credit and debit operations. The document number assigned to the entries will be "VAT closing D-date" and "VAT closing C-date"; the created entries will be closed through the specified suspense account. The registered operation can be verified via Reports → General ledger reports → "GL monthly, summary" or with another report from the General ledger reports module. The entered record can be deleted if it is incorrect by clicking on the record amount (the record will turn green and the "Edit" button will become active); after opening the document, click the "Delete" button. If you are making the tax payment manually in the bank module Bank → Bank, you do not need to select the document to be settled: In the bank module, assign the appropriate VAT summary correspondence account.View all movement and the resulting debt by generating a double-entry (GL) account report. Note. The created VAT closing cor. account does not need to be linked to declaration articles. The functionality only works for users on the Expert or Partner plan.
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Accounting Software

How to perform a VAT closing quickly?

It is necessary to check whether the required accounts from the chart of accounts are assigned in the settings.

  • Settings → Settings → Accounting

    In the "VAT" section, assign the corresponding accounts in the fields:

    • VAT closing account – How to create a new cor. account in the chart of accounts? the correspondence account that will be used as the final VAT payable cor. account;

    • VAT registration accounts – select the cor. accounts in which VAT is accounted for. (separate the entered cor. accounts with a comma).

      VAT closing parameter settings in the program

  • Check if the information is filled in the Settings → Settings → Accounting field "VMI client"

Filling in the VMI client information in the settings

General ledger → General register

To perform VAT closing, click the "VAT closing" button.

Location of the VAT closing button in the general register

In the window that opens, specify the month for which you want to perform the VAT closing and then click the save button. VAT closing is performed only according to the turnovers of the VAT cor. accounts of the specified month from the "VAT registration accounts" field (point 1).

After performing these steps, two entries are created in the "General register": credit and debit operations. The document number assigned to the entries will be "VAT closing D-date" and "VAT closing C-date"; the created entries will be closed through the specified suspense account.

Viewing VAT closing entries in the general register

The registered operation can be verified via Reports → General ledger reports → "GL monthly, summary" or with another report from the General ledger reports module.

The entered record can be deleted if it is incorrect by clicking on the record amount (the record will turn green and the "Edit" button will become active); after opening the document, click the "Delete" button.

If you are making the tax payment manually in the bank module Bank → Bank, you do not need to select the document to be settled:

  • In the bank module, assign the appropriate VAT summary correspondence account.
  • View all movement and the resulting debt by generating a double-entry (GL) account report.

Note. The created VAT closing cor. account does not need to be linked to declaration articles.

The functionality only works for users on the Expert or Partner plan.