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This VAT reconciliation template will reconcile the amount in your vat accounts vs the vat returns, showing a clear breakdown of the period/year-end balance. This reconciliation is often the preferred format for working papers that are prepared on an annual basis. 

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

Step 1: Select the VAT scheme and frequency

Frequency: This can be quarterly, bi-monthly, 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 in the sales, output vat and input vat column.

Enter the payments or refunds received. 

The opening balance column should be used for any payments/refunds relating to the prior period/year. 

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

Step 3: Complete the rest of the reconciliation 

A) # - The relevant vat accounts should automatically pull in. If you want to add additional accounts you can:

B) Make any necessary bookkeeping adjustments:

C) Make any necessary adjustments to the VAT return:

If it matches, you get your green circle!