Before submitting a VAT return, you check whether all details are correct for tax purposes or whether there are any accounting errors. The tool for this is the VAT validation.
This involves comparing the information in the advance VAT returns or in the VAT return with the data in the annual financial statements. This validation is carried out for VAT and input tax. If there are discrepancies, there are most likely accounting errors that have been corrected before the submission of the VAT return. Annual financial statements must be corrected.
To optimise the Sales tax accounts After the quarterly VAT settlement, it is recommended that the accounts are also reconciled in advance. This facilitates control and ensures correct posting. The derecognition date of the sales tax should be entered as Voting date be utilised.
tax code in SAP Business One
SAP Business One calculates the sales tax on the basis of tax code. All tax codes are activated by default. Tax codes that are not required can be activated via the "Inactive" can be deactivated.
When defining a tax code, a distinction can be made between input tax and Output tax select. Example:
- Tax code A2An output tax code that stands for 19 % sales tax. When posting a document with A2, the tax is calculated by the system and transferred to the corresponding account, e.g. 1776, booked.
For tax codes that are used in EU or foreign business, the columns EU, Third country and World to be defined accordingly.
Tax voting report
the Sales tax validation can be used with the Tax reconciliation report can be made. This report compares the reported tax amounts with the G/L account postings and thus supports a precise check of the tax settlement.
Use with DATEV
- For companies that DATEV the tax reconciliation report is used to check the postings to the DATEV automatic accounts before export.
- Due to the DATEV posting logic, only postings with the appropriate tax rate may be made to automatic accounts.
As SAP Business One calculates the tax on the basis of tax codes, the G/L accounts are assigned to the tax codes subordinate to consider.
Definition of tax codes
The correct definition of the tax code is essential. You can find additional information on this in the SAP Business One documentation.
Versino Financial Suite
the Versino Financial Suite for SAP Business One simplifies VAT validation through automated DATEV-compliant totals and balance lists, integrated online checking of VAT IDs and automated posting processes. It ensures greater transparency, security and efficiency during validation without changing the basic VAT logic.
Example: Tax code for foreign transactions
For transactions within the EU or with third countries, the corresponding columns in the definition must be adjusted:
- EUFor intra-Community deliveries.
- Third countryFor transactions with countries outside the EU.
- WorldFor globally applicable tax codes.
Voting recommendation
The definition of the tax codes should be carried out in close coordination with a tax consultant to ensure that all tax requirements are met and that the accounting is correctly mapped.
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