VAT periodic reporting

Requirement

For most companies in this country, the VAT declaration must be submitted monthly.

M3 solution

The information required to report VAT and VAT related information can be generated in M3 with the VAT report generator. The physical declaration is completed through Internet.

Configuration guidelines


Program ID	Program name	Description or comment
MNS100/G	Company. Connect Division	Set the tax method per division and specify the company tax and VAT number.
CRS750/F	Settings – General Ledger	Specify this information: VAT from date Specify a date. VAT chk online Select this check box. Accept VAT dev Specify, for example, 0.01. VAT date type Specify 2-Invoice date. VAT printout Specify 3-VAT on inv & in AP.
CRS030	VAT Code. Open	VAT codes can be connected to customers, suppliers, item numbers, and the chart of accounts.
CRS031	VAT Rate. Open	Set VAT rates by date, country, and area or state.
CRS045	Country. Open	Define country specific rules and controls.
CRS395	Accounting Rule. Set	Used to create accounting strings for VAT accounting in M3 General Ledger.
CRS610	Customer. Open	The customer VAT registration number is stored. Set the Tax applicable field and specify the VAT code.
CRS620	Supplier. Open	The supplier VAT registration number is stored. Set the Tax applicable field and specify the VAT code.
CRS624/F	Supplier. Define Purchase & Financial	Set the Tax applicable field and specify the VAT code.
CRS630	Accounting Identity. Open	Define accounts for VAT reporting.
MMS001/G	Item. Open	Set the VAT code purch and VAT code sales fields to the VAT codes for purchasing and selling.
MMS002/I	Item. Connect Warehouse	To open (MMS002), select a record in (MMS001), then select Related > Item/Warehouse. In (MMS002/I), set the VAT code purch and VAT code sales fields to the VAT codes for purchasing and selling.
OIS002/F	Customer. Connect Addresses	Optionally, in the VAT reg no field, specify the VAT registration number.
TXS001	VAT Reporting. Connect MI Transactions	For the relevant base country code.
TXS004	VAT Report Template. Connect UDR Template	Fields to be included in the electronic VAT reporting tables.
TXS005- TXS009	VAT Report Template. Open	Define the content required by country-specific VAT reports, that is, report columns and report lines. See the details for sales and purchase VAT reports.
TXS020	VAT Exemption. Open	Configuration as required.
TXS030	Fiscal Representation. Open	Configuration as required.
TXS035	Tax Reporting. Open Report Fields	Information required by authorities when reporting electronically.
TXS100	VAT Run. Open	To create the periodic VAT reports for customer sales, for supplier sales, and for supplier purchases.
TXS118	VAT Run. Open User Defined Lines	The lines created for electronic VAT reporting are displayed. To open (TXS118), select a record in (TXS100), then select Related > Dsp User-Defined.
TXS120	Online VAT Adjustment. Open	Users can validate, check, and adjust the VAT details stored in M3 General Ledger prior to final reporting. To open (TXS120), select a record in (TXS100), then select Related > Wrk online adjustm.