Creating a VAT Return in Twinfield.
To create a VAT return in Twinfield go to VAT/VAT Return.
The periods viewed here are set in Company Settings/Taxes, the options are quarterly, monthly yearly. Other settings available here include the option to add provisional transactions into a VAT return.
To create the return simply click the orange button on the right hand side. If the orange button is not in play then you or the SUPER user will need to check your access rights which can be found via VAT/Rights
Once the VAT return is created this locks down the period for VAT purposes. For example if Jan - Mar is created then later that day more January invoices are input and set to final the created VAT return will not update. Those invoices will be displayed in the VAT Return.
A correct VAT return should always be based on final transactions. If the amounts to be reported have been calculated outside of Twinfield then they can be entered manually, or you can use the values calculated automatically by Twinfield.
When a VAT return is sent electronically via Twinfield, no journal entries are generated automatically. Such entries can, if desired, be entered through the journal data entry screen.
The ledger accounts that Twinfield uses to calculate VAT returns are the ones linked to the VAT codes. If there have been any direct bookings to these accounts the system will give a warning message because there may be entries which are not connected with sales or purchase transactions.
Once the return is created it will display as below
If you wish to check the figures you can run a report via Reports/VAT/VAT Analysis or by clicking the square edit on the right hand side and will display as below. Please note for MTD clients the padlock button will not be visible. The magnifying glass option will run a report displaying how the figures are calculated.
We would advise if you have transactions in a previous period create a return in that period (2018 for example) if a return is not created then transactions from the preceding year will be included in the return for the current year.
If required you can return back to the VAT return screen.
At this point you have two choices from the screen below clicking the red "X" will delete the return. If you are happy with the figure you can click "Thumb" icon on the right hand side. Once the "Thumb" is clicked providing the gateway details are correct the "Envelope" option will come into play. Clicking this will send the return to HMRC