VAT Declarations
Setting up VAT declaration summary (part1, part2)
The SMART Chief Accountant role has been enhanced with a Regulatory Reporting button. By selecting Regulatory Reporting, it directs to the SMA AZ VAT Declaration page, where two additional buttons have been added Financial Reports and Statutory Reports. The VAT Declaration summary (part1, part2) are configured in pages Financial Reports and Statutory Reports. These reports can be saved in Excel.
Configuring VAT Declaration lines in the Financial Report:
- Select the Search function, enter Financial Reports, and open the relevant page.
- On the Financial Reports page, open Edit Row Definition to configure each VAT declaration line by filling in the following fields:
| Field | Description |
|---|---|
| Row No | Specifies a number that identifies the line |
| Description | Specifies text that will appear on the financial report line |
| Totaling Type | Specifies the totaling type for the financial report line. The type determines which accounts within the totaling interval you specify in the Totaling field will be totaled |
| Extension Source Table | Specifies a source associated with the account schedule extension |
| Totaling | Specifies an account interval or a list of account numbers. The entries of the account will be totaled to give a total balance. How entries are totaled depends on the value in the Account Type field |
| Show Opposite Sign | Specifies whether to show debits in reports as negative amounts with a minus sign and credits as positive amounts |
- On the Financial Reports page, navigate to Edit Column Definition to configure each VAT declaration line by completing the following fields:
| Field | Description |
|---|---|
| Column No | Specifies a number for the column in the analysis view |
| Column Header | Specifies a header for the column |
| Column Type | Specifies the analysis column type, which determines how the amounts in the column are calculated |
| Amount Type | Specifies the type of entries that will be included in the amounts in the financial report column |
Configuring VAT Declaration Lines in Statutory Reports: Click the Search button, enter Statutory Reports, and open the relevant page. On the Statutory Reports page, populate the following fields:
| Field | Description |
|---|---|
| Code | Specifies the code for statutory reports |
| Description | Specifies the description associated with the statutory report |
| Report Type | Specifies the report type associated with the statutory report |
On the Statutory Reports page, click Setup, then Tables, and fill in the Int. Source Type and Int. Source No. fields. The Int. Source No. links the report previously configured in Financial Reports. Using Functions, navigate to Internal Data Source Mapping to correctly map the columns to each line. This completes the configuration process for Statutory Reports.
Setting up VAT declaration annex 3, annex 4, annex 5
The SMART Chief Accountant role has been enhanced with a Regulatory Reporting button. By selecting Regulatory Reporting, it directs to the SMA AZ VAT Declaration page, where two additional buttons have been added Financial Reports and Statutory Reports. The VAT Declaration annex 3, annex 4, annex 5 are configured in pages Financial Reports and Statutory Reports. These reports can be saved in Excel.
Configuring VAT Declaration lines in the Financial Report:
- Select the Search function, enter Financial Reports, and open the relevant page.
- On the Financial Reports page, open Edit Row Definition to configure each VAT declaration line by filling in the following fields:
| Field | Description |
|---|---|
| Row No | Specifies a number that identifies the line |
| Description | Specifies text that will appear on the financial report line |
| Totaling Type | Specifies the totaling type for the financial report line. The type determines which accounts within the totaling interval you specify in the Totaling field will be totaled |
| Extension Source Table | Specifies a source associated with the account schedule extension |
| Totaling | Specifies an account interval or a list of account numbers. The entries of the account will be totaled to give a total balance. How entries are totaled depends on the value in the Account Type field |
| Show Opposite Sign | Specifies whether to show debits in reports as negative amounts with a minus sign and credits as positive amounts |
VAT Declaration annex 3, annex 4, annex 5 is filled in based on the fields described above. The Row No. field is taken from the tax declaration, and the Description field is filled in with the corresponding name. Totaling Type should be set to Custom, and Extension Source Table should be set to VAT Entry.
The Totaling field is configured by navigating to the SMA Acc. Schedule Extensions page, where the following fields must be completed: • Code • Description • VAT Entry Type = Sale, Purchase • VAT Amount Type = Base, Total • VAT Type = Realized, Unrealized • VAT Business Posting Group Filter = • VAT Product Posting Group Filter = • General Business Posting Group Filter = • General Product Posting Group Filter =
- On the Financial Reports page, navigate to Edit Column Definition to configure each VAT declaration line by completing the following fields:
| Field | Description |
|---|---|
| Column No | Specifies a number for the column in the analysis view |
| Column Header | Specifies a header for the column |
| Column Type | Specifies the analysis column type, which determines how the amounts in the column are calculated |
| Amount Type | Specifies the type of entries that will be included in the amounts in the financial report column |
VAT Declaration annex 3, annex 4, annex 5 is filled in based on the fields described above. The Column No. field is taken from the tax declaration, and the Column Header field is filled in with the corresponding name. The Column Type is configured as Net Change, Ledger Entry Type is defined as Entries, and Amount Type= Debit Amount, Credit Amount, Net Amount.
Configuring VAT Declaration Lines in Statutory Reports:
Click the Search button, enter Statutory Reports, and open the relevant page. On the Statutory Reports page, populate the following fields:
| Field | Description |
|---|---|
| Code | Specifies the code for statutory reports |
| Description | Specifies the description associated with the statutory report |
| Report Type | Specifies the report type associated with the statutory report |
On the Statutory Reports page, click Setup, then Tables, and fill in the Int. Source Type and Int. Source No. fields. The Int. Source No. links the report previously configured in Financial Reports. Using Functions, navigate to Internal Data Source Mapping to correctly map the columns to each line. This completes the configuration process for Statutory Reports.
Setting up VAT declaration for Non-residents
The SMART Chief Accountant role has been enhanced with a Regulatory Reporting button. By selecting Regulatory Reporting, it directs to the SMA AZ VAT Declaration page, where two additional buttons have been added Financial Reports and Statutory Reports. The VAT Declaration annex 3, annex 4, annex 5 are configured in pages Financial Reports and Statutory Reports. These reports can be saved in Excel.
Configuring VAT Declaration for Non-residents:
- On the SMA AZ VAT for Non-residents page, in the Options tab, the following fields must be filled: • Year = • Month =
- In the VAT Entries tab, the following filters must be filled: • VAT Business Posting Group = select the posting group that applies to the Non-residents Vendor
After all fields are completed, the report is exported to Excel. Population of excel fields is explained below.
| Field | Description |
|---|---|
| Country | The name of the country where the company is a resident. Should be indicated in the vendor card as Country/Region code |
| Name | The name of the non-resident entity, entered in the vendor card Name field. Report finds only vendors with VAT Business Posting Group = Foreign |
| VAT Registration Number | Tax Registration Number of the non-resident company indicated in the Vendor Card |
| Description | Specifies the performed work or provided services. Report populates VAT Business Product Group value per find VAT entry |
| Period | Period format indicating month and year based report parametres |
| Payment Date | Specifies the Posting date of the VAT entry |
| VAT Base | The amount on which the VAT amount is calculated. Report populates this field based VAT Entry, Base field |