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VAT Reconciliation

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VAT Reconciliation

vat reconcilation

VAT, like any other balance sheet items, is easy to reconcile as long as there is a proper ledger account, properly maintained monthly.

  • Check the net output and input totals, and the VAT input and output totals, for each VAT code, from the VAT Return Transactions report.
  • Compare these to the combined total of the Sales and Purchase Vatable Transactions reports, and the Nominal Ledger Non-trading Vatable Transactions report.