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 (Reports > Financial Management > Period End) – 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.
|Description||How is it calculated?|
|This period Inputs/Outputs values||The sum of all postings in the period|
|Net Inputs/Outputs This Period||The sum of the Outputs and Inputs total columns from the above row (This Period Outputs £-260 + This Period Inputs £20 = £240)|
|VAT/Bank postings this month||The total of any VAT Payments/Adjustments made in the period|
|NET value this period||The sum of Net Inputs/Outputs This Period and VAT/Bank Postings This Month – £-240 + £0 = £-240|
|Balance Carried Forward||The sum of the Balance Brought Forward figure at the top of the report, and the NET Value This Period figure at the bottom of the report – |
£-4600.38 (Balance Brought Forward) + £-240.00 (NET Value this period) = £-4840.38 (Balance Carried Forward)
Period End VAT Summary (Reports > Financial Management > Period End) – 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 (Reports > Financial Management > Period End) – 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 (Reports > Financial Management > Period End):
From the VAT Summary (Reports > Financial Management > Period End), check the Vat Cash and Costs Received columns:
And then compare to the VAT Form (Reports > Financial Management > Period End):