VAT Filing
In Cin7 Core, VAT Filing can be done either monthly or quarterly. This option is selected when your organisation's VAT details are configured during setup.
VAT Reports in Cin7 Core are auto-generated based on all your sales and purchase transactions.
The actions that you can perform in this report are:
Generate the tax returns files.
Download the files
File your tax returns.
Mark the tax returns as filed.
Prerequisites
Configure Cin7 Core VAT compliance settings (required)
Verify VAT Returns
The tax returns report is a comprehensive summary of your VAT returns. This report contains a list of tax returns files which are generated for specific time periods. The tax returns report generated in Cin7 Core follows the standards and specifications mentioned by the FTA.
Generate the tax return file by navigating to Reports → Financial Reports → VAT Return. Click Generate Return to generate a new return, or on any previously generated return to view the report.
The tax return file consists of the following sections:
VAT on Sales and all other Outputs (click on each entry to expand and view all transactions)
VAT on Expenses and all other Inputs (click on each entry to expand and view all transactions)
Net VAT due
When you have verified that your VAT is correct, the next step is to download the VAT return files for filing with the relevant tax authority.
Download VAT Audit Report
The VAT audit report contains all the transactions which are carried out under VAT. It contains a list of FTA audit files which are generated for specific time periods. The FTA has mandated this report for audit purposes i.e. to ensure that all the transactions pertaining to VAT are correctly recorded and calculated.
Generate a VAT Audit File:
From within the VAT Return page, select the button to Download FTA VAT Audit File.
Select FTA VAT Audit file and a popup form will render on the screen, which the user has to define the fields and click Generate to download the file. The file is generate in CSV format.
Download Excise Tax Audit Report
The FTA Excise Audit file is a summary of all transactions which have an excise tax on them.
The FTA Excise Audit file contains all the transactions which have an excise tax on them. It contains a list of FTA excise audit files which are generated for specific time periods. The FTA has mandated this report for audit purposes.
Generate the Excise Tax Audit File:
From within the VAT Return page, select the button to Download FTA Excise Audit File.
Select FTA Excise Audit file and a popup form will render on the screen, which the user has to define the fields click Generate to download the file. The file is generate in CSV format.
Mark VAT Return as Filed
After you’ve downloaded and filed your tax return with the relevant tax authorities, you can mark it as Filed in Cin7 Core by simply clicking on the Mark as Filed button.
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- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB