Understand VAT reports
Updated Apr 20th, 2022
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.
Standard VAT
There are a number of reports in Osprey which detail the VAT on the system.
Step 1
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) |
Step 2
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
Step 3
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.
Cash Accounting
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):
