VAT Reconciliation

How to handle the reconciling of the VAT Report in Xena

Here is a guide on how to reconcile all the columns on the Danish VAT report in Xena.

 

Sales VAT (Outgoing VAT)

• This figure can be found under Ledger > Ledger reports > VAT Reconciliation.
• It represents the total VAT amount for all tax codes of type 'Sales VAT'.

 

 

VAT on Purchases of Goods Abroad (both EU and non-EU)

This VAT amount is a combination of VAT on purchases of goods from EU countries and manually recorded import VAT.

• VAT for purchases of goods from the EU can be found under Ledger > Ledger report  > VAT Reconciliation.
• It represents the total VAT amount for all tax codes of type 'EU - Goods'.

 

 

• Manually recorded import VAT can be found through Ledger > VAT > Import VAT settlement, 'Vat Settlements' tab. Open the attachment to find the amount you have posted.

 

VAT on purchases of services abroad with reverse charge

• This figure can be found under Ledger > Ledger reports > VAT Reconciliation.
• It represents the total VAT amount for all tax codes of type 'EU - Services'.

 

 

Purchase VAT

• This figure is a combination of standard purchase VAT in Denmark and the sum of the two VAT amounts mentioned above (VAT on purchases of goods from the EU and non-EU + VAT on purchases of services abroad).
• Standard purchase VAT in Denmark can be found under Ledger > Ledger reports > VAT Reconciliation.
• It represents the total VAT amount for all tax codes of type 'Purchase VAT'.

 

 

Section A - Purchases of Goods from the EU

• This figure is the total sum of purchases of goods from the EU.
• Find the sum under Ledger > Ledger reports > VAT Reconciliation.
• It forms the basis for all tax codes of type 'EU - Goods'.

 

 

Section A - Purchases of Services from the EU

• This figure is the total sum of purchases of services from the EU.
• Find the sum under Ledger > Ledger reports > VAT Reconciliation.
• It forms the basis for all tax codes of type 'EU - Services'.

 

 

Section B - Reported to EU Sales without VAT

• This figure can be found under Finance > VAT > VAT settlements, 'EU Sales without VAT' tab.
• It represents the net turnover to other EU countries where the product group has EU Grouping = Goods.

 

 

Section B - Not Reported to EU Sales without VAT

This figure is the total net turnover to other EU countries where the product group has EU Grouping = None. Find the figures under Ledger > Ledger reports > Posts.

• Select 'Net Turnover' at the top.
• Choose the product group where you have selected EU Grouping = None.
• Select 'VAT' = None.
• Remember to select the VAT settlement period.

You can now open the attachments and sum the turnover for the invoices sent to other EU countries.

 

 

Section B - Sales of Services

• This figure can be found under Finance > VAT > VAT Settlement, 'EU Sales without VAT' tab.
• It represents the net turnover to other EU countries where the product group has EU Grouping = Services.

 

 

Section C - Sales to Both DK and Abroad without VAT

Find this figure by locating the total net turnover without VAT and subtracting the figures in the three Section B columns.

Find the total net turnover without VAT under Ledger > Ledger reports > Posts.

• Select 'Net Turnover' at the top.
• Select 'VAT' = None.
• Remember to select the VAT settlement period.
• Print to PDF and locate the total at the bottom.
• This amount is subtracted from the 3 amounts in column B on the VAT report.

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