Prepare Your VAT Return
Calculating the VAT Return doesn’t affect your transactions in Zumzum Financials, no postings are made to your nominal codes or the general ledger. This means that you can calculate your VAT Return as many times as necessary. However, when you mark your ledger records as being reconciled, this prevents them from being automatically included in a future VAT return calculated in Zumzum Financials.
- Navigate to the Transactions tab.
- Click on the VAT Return icon.
- Click on the New VAT Return button.
- Fill out the Date on transactions before this date will not be included in the VAT return.
- Enter the Date to transactions after this date will not be included in the VAT return.
- Click Calculate
- If there were unreconciled past transactions, the system will display a message informing you of this. To include those transactions in the calculations, just check the “Include Late Claim” checkbox and click on the Calculate button again.
- To begin the process of reconciling, click Save and the system will create a draft record of your VAT Return
- In the list view, find the concerned record, and click Edit.
- Click on the Reconcile button.
- The system will ask for confirmation, click on Reconcile again.
- The system will automatically flag the transactions included in this VAT Return as “VAT Reconciled”, so they will not be included in the following periods.
Flag the transactions as reconciled
Once you’re happy with all of the values on the VAT Return Select Edit and “Reconcile”.
VAT Transfer – See the VAT Transfer Article
This option transfers the values from the sales and purchase tax control accounts into your VAT liability account.
Submit to HMRC
If you’ve submitted the return to HMRC using the online form on HMRC’s website > Mark the status as “HMRC submitted”.