VAT periodic reporting

Requirement

In Bulgaria, the VAT due date is the 14th day of the month following the end of the return period. Payment in full is required by the same date.

M3 solution

M3 delivers generic functionality that supports the calculation, accounting, reporting, and reconciliation of VAT.

All VAT liabilities must be paid in Bulgarian currency.

The report generator for tax can be set up to summarize the amount in general ledger according to the information that is required in Bulgaria. That report is the base for electronic reporting using a PC application supplied by the Bulgarian Tax Authorities.

For this country, a VAT report template can be set up in (TXS005).

Configuration guidelines


Program ID	Program name	Description or comment
CRS395	Accounting Rule. Set	Configure all VAT setups.
CRS620	Supplier. Open	Set the VAT reg no field.
CRS624/F	Supplier. Define Purchase & Financial	Set the Tax applicable field and specify the VAT code.
CRS165	Number Series. Open	Create the ‘64 B – VAT’ template reports, ‘64 D – Electronic VAT’ report, and ‘64 E – Annual VAT’ reports, if necessary.
TXS005-TXS009	VAT Report Template. Open	You must define information in (TXS005) before reports can be created in ‘VAT Run. Open’ (TXS100). The VAT report template is used to select the relevant transactions to be included in the VAT report. The VAT base and VAT are included. The transactions are selected from the general ledger, according to the line selection defined in the VAT report template. Connect the report line to one or several line selections. For each line, define ranges of values in the From and To fields in ‘VAT Report Template. Connect Line Sel’ (TXS009/E), for example, for the VAT code and the VAT account type. To minimize the number of lines to be defined, you can specify an exception for the line selection in the Exception from and Exception to fields.
TXS030	Fiscal Representation. Open	Complete if relevant.
TXS100	VAT Run. Open	Create the VAT report, usually monthly.