Who is this guide for?
Accounts Users and Accounts Supervisors
You can produce VAT reports on Osprey. This guide will help you to understand them.
There are a number of reports in Osprey which detail the VAT on the system.
Period End VAT Journal – This lists all vatable transactions on the Osprey system for the period, including a balance brought forward from previous periods. This includes any nominals which are not ticked to Exclude from VAT – it is important therefore to ensure that any non-vatable nominals are ticked to Exclude VAT.
To check the VAT Journal Balance Carried Forward figure, add together the Balance Brought Forward figure at the top of the report, and the NET Value This Period figure at the bottom of the report – this should equal the Balance Carried Forward at the very bottom.
-4600.38 (Balance Brought Forward) + -240.00 (NET Value this period) = -4840.38 (Balance Carried Forward)
Period End VAT Summary – This totals the period figures from the VAT Journal and sub totals at each VAT Quarter End.
- Inputs = total VAT on all Purchases.
- Value of Inputs = total of posting amount from purchases.
- Outputs = Sales VAT
- Value of Outputs = Sales Total of posting value
Period End VAT Form – This report takes its figures from the VAT Summary report and can be used to enter the figures on your online VAT Return.
- Box 1 Shows Outputs from Quarter on VAT Summary
- Box 4 Shows Inputs from Quarter on VAT Summary
- Box 6 Shows the Value of Outputs from Quarter on VAT Summary
- Box 7 Value of Inputs from Quarter on VAT Summary
The amount of VAT to pay should show in box 5 on the above form. This should be posted to the VAT JNL in Osprey > Banks and Journals as a VAT Payment.
As above, but for Sales VAT, you will need to use the Period End Cash Received report:
From the VAT Summary, check the Vat Cash and Costs Received columns:
And then compare to the VAT Form: