VAT Reconciliation and Saved VAT Returns

Another improvement to our accounting software based on feedback from our customers:

We’ve just released a fairly major upgrade to the VAT functionality in KashFlow.

Firstly, when you run a VAT report and click the “Submit” button at the bottom of the page – the VAT return is now saved (along with an EC Sales List if applicable) so that you can later retrieve it. If you try to run a VAT report for the same period again then you’ll be told that there is already a submitted report for the period and be given the opportunity to view it.

Secondly – we’ve added VAT reconciliation. What this means is that if you submit a VAT report for January to March and then later in the year you find some receipts that you forgot to enter – KashFlow will automatically detect those receipts and include them in your next VAT report.

This is an off and on-able feature, although we’re not sure why you’d ever want to turn it off. There is also a setting for how far back KashFlow will search for undeclared items. You wouldn’t want to set this to any earlier than the date we’ve entered for you – 23/09/2008 (the date we released this functionality). The only time you’d need to change this date is if you went from being non-VAT registered to VAT registered. In which case you’d want to enter the date you became registered. This setting can be found in Settings -> Advanced Settings.

Purchase receipts, sales invoices and bank transactions are all included in the VAT reconciliation process.

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