VAT adjustments (TX301000)

This topic gives you information about the elements that you find in this window in Visma Net, such as fields, field values, buttons, and check boxes.

You can use this window to create a VAT adjustment document that will adjust the required VAT and taxable amounts in the prepared VAT report for the selected tax agency and selected VAT reporting period.

The adjustment amount will decrease or increase the amounts of the appropriate report lines as well as the amount of the report line selected as the Net VAT in the Reporting settings (TX205100) window.

If you are in the list window, the first line in the table is a search line. Each column has a search field which you can click to search for or filter on specific values and narrow down the displayed table rows. You can search and filter in as many columns as you need to, to only display the results you want to view.

There are two types of search fields:

  • White: here you can type a specific search term to display results in this column containing this exact value. If you search on several (partial) words, you can separate them by a space or % and get different results:

    • space: the result contains the words in any order,

    • %: the result contains the words in the specific order, and the % functions as a wildcard as well.

  • Grey: you can click this to open the column filter pop-up window where you can filter the results for this column.
Button Description
Release Releases the VAT adjustment and generates a batch of transactions.
Reverse Reverses the VAT adjustment, and the reversal transactions are generated for all released transactions associated with this VAT adjustment and posted to the same book as the original VAT adjustment.

Here, you can specify the VAT period, tax agency, and type for a new VAT adjustment.

Also, you can select an existing VAT adjustment by its reference number and view its details.

Element Description
Type The type of tax adjustment document that can be one of the following:
  • Adjust VAT on sales:
    The document that adjusts VAT and taxable amounts of the VAT associated with the input reporting group (the VAT amount that can be claimed from the tax agency).
  • Adjust VAT on purchases:
    The document that adjusts VAT and taxable amounts of the VAT associated with the output reporting group (the VAT amount that must be paid to the tax agency).
Ref. no.

The unique ID used for the VAT adjustment.

The system generates this number according to the numbering series assigned to the supplier invoices in the Supplier ledger preferences (AP101000) window.
Status The status of the VAT adjustment.
Hold When selected, this adjustment has the status On hold and cannot be released.
Company The company branch associated with the VAT adjustment.
Branch The branch associated with the VAT adjustment.
Tax agency The ID and name of the tax agency for which the VAT report is intended. Select a tax agency from the list of agencies available in the system. The suggested tax agency can be defined on the VAT information tab in the Organisations (CS101500) or Branches (CS102000) windows.
reporting period The VAT reporting period to which the VAT adjustment is posted. Only open VAT periods are available for selection.
Date

The date of the VAT adjustment document.

The system inserts an appropriate date by default depending on the Use period end date to report VAT check box setting specified for the selected tax agency on the Tax agency settings tab of the Suppliers (AP303000) window:

  • If the Use period end date to report VAT check box is cleared, the end date of the VAT period (that you specify in this window) will be used.
  • If the Use period end date to report VAT check box is selected, the end date of the last financial period covered by the VAT period (that you select in this window) is used. Note that if this date is later than the end date of the selected VAT period, the current system business date will be used.
Description A detailed description for the VAT adjustment. An alphanumeric string of up to 60 characters.
Currency The currency of the adjustment.
View base

If you use foreign currency, it is possible to view the amounts in your base currency or local currency:

Click View base and the amounts will be converted to your base currency and the text will be displayed as your base currency.

Click View currency to return to the original view.

Balance A read-only field that displays the adjustment control amount, which should be equal to both the total amount and the sum of VAT amounts calculated for the list.
Amount The total amount of all taxes listed in the adjustment.

On this tab, you can create a list of VAT details for the new VAT adjustment or view the VAT details of an existing VAT adjustment.

Column Description
VAT ID The VAT to be affected by the adjustment.
VAT rate The rate used for the VAT.
Taxable amount The amount used as the base for VAT calculation.
VAT amount The VAT amount calculated for the specified taxable amount or entered manually.
VAT zone The VAT zone of the VAT to be adjusted.
Account

The account correlated with the VAT.

For a VAT-increasing adjustment, by default, the account is the VAT payable account specified for the VAT.
For a VAT-decreasing adjustment, by default, the account is the VAT claimable account specified for the VAT.
You can select another account if needed.
Sub. ID The corresponding subaccount.
Description The description of the VAT adjustment reason for a particular line of the VAT adjustment document.

On this tab, you can take the following actions:

  • For a new VAT adjustment, select an expense account to record the adjustment.
  • For an existing VAT adjustment, view the batch that contains the required transactions.
Element Description
Batch no. The number of the batch generated on the adjustment release to implement the adjustment transactions.
Post period The financial period when the adjustment document was posted.
Adjustment account

The expense account where the adjustment is recorded.

By default, it is the tax agency supplier expense account. You can select another account if needed.
Subaccount adjustments The corresponding subaccount.
Orig. ref. no. If an adjustment is reversed this column contains the Ref. no which it was reversed from.