VAT Reports in Sage Intacct
In Sage Intacct, generating and managing VAT reports (Value-Added Tax) is an essential part of ensuring compliance with tax regulations, especially for businesses operating in countries where VAT is applicable. These reports help businesses track and report VAT collected on sales and VAT paid on purchases, facilitating accurate tax filings. Sage Intacct provides several tools and reports to manage VAT-related transactions and simplify the preparation of VAT returns.
This video walks you through VAT Reports in Sage Intacct.
VAT Reports in Sage Intacct
Key VAT Reports in Sage Intacct:
1. VAT Transaction Report
This report shows all VAT transactions for a specific period, providing a detailed breakdown of VAT charged on sales and VAT paid on purchases.
How to Run the VAT Transaction Report:
2. Sales Tax Summary Report
The Sales Tax Summary Report summarizes all sales tax collected on transactions within a given period. This is particularly helpful when preparing VAT returns, as it shows the total VAT collected from customers.
How to Run the Sales Tax Summary Report:
3. Purchase Tax Summary Report
This report summarizes the VAT paid on purchases and other expenses. It helps you track the VAT on purchases that can be reclaimed, offsetting the VAT collected on sales.
How to Run the Purchase Tax Summary Report:
4. VAT Return Report
The VAT Return Report is the primary report used for VAT filing. It consolidates all the VAT collected on sales and VAT paid on purchases into a format that can be used for tax filings, often reflecting the local government requirements.
How to Run the VAT Return Report:
5. Tax Liability Report
The Tax Liability Report gives a detailed view of the total tax liability based on VAT collected (output tax) and VAT paid (input tax). It’s used to determine the net VAT liability or refund amount for the reporting period.
How to Run the Tax Liability Report:
6. Tax Code Report
This report provides an overview of the tax codes used in Sage Intacct, which helps ensure that the correct VAT rates are applied to each transaction. You can review the tax rates for different products, services, and jurisdictions.
How to Run the Tax Code Report:
