VAT and Posting Date

If you have been paying attention you might have noticed a new field we added recently to all our posting screens labelled Posting Date

For users who use different VAT accounts for each VAT period and don’t close periods in sync with their VAT reporting requirements, and don’t use the reconcile method, the addition of the Posting date will be a welcome new feature.

When running ledger reports to balance your VAT make sure you use the posting date and not date.

When calculating your VAT also make sure you choose the Posting Date

When entering transactions, make sure you separate them into different batches if the VAT is allocated to different accounts. You should check this as part of your pre-post preparation by running a distribution report. If you find any, move them to a different batch.

You can move one, this way:

Or multiple, this way:

When it comes time to post, make sure you change the posting date to within the VAT reporting period. Note the posting date will not affect your cost report.

If the posting date is disabled go to Control Table, System defaults and choose a different option.