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Day 11 of our Christmas Calendar

Day 11 is one of our most useful tips customers use in NAV, creating VAT statement templates.

To create a VAT Statement Template, follow these steps.

On the Navigation Pane click:

  1. Departments > Administration > Application Setup > Financial Management > General > VAT Statement Templates.
  2. Click New.
  3. In the Name field, enter a unique name for the template.
  4. In the Description field, enter a short description for the template
  5. Example template below – VATGB

To assign a VAT Statement Name to a template, follow these steps

  1. On the VAT Statement Templates window, select the relevant template. (e.g. VATGB)
  2. On the Navigate tab of the ribbon, click Statement Names.
  3. Click New and in the Name field, enter a unique name for the statement. (e.g. Default)
  4. In the Description field, enter a short description for the statement. (e.g. Default Statement)

5. On the Home tab of the ribbon, click Edit VAT Statement

An example VAT Statement in design mode (Source Cronus UK Ltd)

If you require assistance developing your own VAT statement, please do not hesitate to contact us. We will be more than happy to provide you with the appropriate assistance.

 6. On the home tab of the ribbon, click Preview

An example VAT Statement in Preview mode

VAT Settlement

Periodically, the net VAT must be remitted to the tax authorities.

To calculate this amount, run the Calc. and Post VAT Settlement batch job.

The following list describes some specifics that are related to this batch job:

  • Calculates VAT settlement of open VAT entries in previous accounting periods.
  • Finds all the VAT entries in the VAT Entry window—for every VAT Posting Group combination that is included in the filters in the batch job.
  • Use it to start the posting process or to print a test report.
  • Run it as frequently as it is needed.

Running the Calc. and Post VAT Settlement Batch Job

To run the Calc. and Post VAT Settlement batch job, follow these steps.

  1. On the Navigation Pane, click Departments > Financial Management > Periodic Activities > VAT > Calc. and Post VAT Settlement.

  1. In the Starting Date and Ending Date fields, define the date range for the VAT entries to be settled.
  2. In the Posting Date field, define the posting date for the settlement.
  3. In the Document No. field, enter a unique number. This field is required to run the batch job.
  4. In the Settlement Account field, click the drop-down list and then select the G/L account that the net of the Purchase and Sales VAT entries are transferred to.
  5. In the Show VAT Entries check box:

Click to insert a check mark to display all VAT entries that are used to calculate each VAT Posting Group settlement amount.

Leave it unchecked to display only the total settlement for each VAT Posting Group.

  1. In the Post check box, when you print or preview the batch job, do the following:

Leave it unchecked to print a test report.

Click to insert a check mark to post the transfer to the VAT settlement account automatically. (NOTE – This setting will execute the process regardless of whether you Print or Preview the report. Only use this option where you are sure of your data)

  1. Click to insert a check mark in the Show Amounts in Add. Reporting Currency check box for report amounts to be shown in the additional reporting currency.
  2. On the VAT Posting Setup Fast Tab, filter on the VAT business or product posting groups to be included in the batch job, when it is needed.

VAT Settlement Posting Results

  • When you post the Calc. and Post VAT Settlement batch job, it closes open VAT entries and transfers purchase and sales VAT amounts to the VAT settlement account.
  • When VAT entries are closed, the Closed field on the VAT Entry is selected.
  • The entry number of the settlement entry that closed the VAT entry is automatically inserted in the Closed by Entry No. field. This occurs only when the amount must be transferred between G/L accounts.
  • When a VAT amount is transferred to a VAT settlement account, the account for purchase VAT is credited and the account for sales VAT is debited with the amount from the VAT statement period. The account for VAT settlement is credited with the net amount (or, if the purchase VAT amount is larger, it is debited).
Note

 

After VAT entries are posted and their status is closed, they cannot be reopened. However, VAT reports can be created from these closed entries.

Here at TES we are passionate about the quality with which you use the tools available to you in your Dynamics Nav solution.

We would be more than happy to work with you to help you develop your VAT Statement and take advantage of the VAT Settlement processes to ensure you maximise your return on investment in Dynamics Nav by investing in adopting automated standard tools that you can then use consistently for months, quarters and years to come.

Day 6 of our Christmas Calendar and we have a top tip for NAV users!

Notifications can be turned on for each users to present them information without directly affecting the tasks they are performing.

Notifications can be turned on and off by going to the “My Notifications” page.

For example – Customer exceeds credit limit is set to enabled so this means every time we put on a sales order for a customer who have exceeded their credit limit the user will be presented with a notification:

This doesn’t stop them from performing the task but they are notified that they have exceeded their limit – the users has the option to click details for more information: