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This reconciliation template is in the format of your VAT returns.This reconciliation is often the preferred format for working papers that are prepared on a monthly or quarterly basis. 

The information from this template will also populate the VAT Turnover reconciliation.

Step 1: Select the relevant VAT scheme & frequency

Scheme: This is selection is for disclosure purposes

Frequency: This can be quarterly, monthly or annually. If you choose 'Quarterly' you are given the option to select the number of quarters you want to include.

Step 2: Populate the working paper with the relevant details of the VAT returns during the selected period

You have the option to attach any supporting documentation for each period. There are also options to complete opening and closing adjustment columns.

Step 3: Complete the reconciliation at the bottom of the template

a) Pull in the relevant VAT nominal code/s using the # functionality to get the VAT balance at the start of the period:

b) The VAT payable/receivable in the current period will update based on the details input into the template above.

c) Enter the details of the bank payments made to the relevant tax authority during the year

d) This will then calculate your expected year end VAT payable/receivable amount:

e) The value per your underlying bookkeeping data will be populated (based on the VAT nominal code/s pulled in using the # functionality) for the end of the period. This will then be compared to the value calculated in the above reconciliation data.

If it matches, you get your green circle! 

It's as easy as 'vat!'