Closing a Period after a VAT Submission (Without Clearing Costs)

We suggest the everyone uses Ledger Periods to make the VAT calculation as it is a more accurate method when compared to dates. This is because dates can easily get entered incorrectly, and the dates method is not compatible with multiple vat accounts.

In this example screenshot below - we are running the VAT Submission over period 100003.

The VAT Sales Code is GB 01 000 850 50 with one VAT Flag (S = 20%).

The Vat Purchases Code is GB 01 850 02 with two VAT Flags (V = 20% and R = 5%).

1. After calculating the VAT and Submitting the Report, you can Close the Period without Clearing your Costs for the Cost Report.

2. The benefit of this method is that you can accurately close each VAT Period to ensure accurate calculation for the next VAT Submission without affecting your Cost Report.

Select the List and Close Period option to close your period. All checkboxes will now become available.
Ensure that "Clear Costs this Period" is NOT ticked. This will close the period without clearing your costs.
Click OK to Close your Period. Before closing your period please read the main Period Close article here: Period Close