VAT periodic reporting
Requirement
In Romania, the VAT return form is to be filled in manually in a PDF supplied by the Romanian tax authorities.
M3 solution
M3 delivers generic functionality that supports the calculation, accounting, reporting, and reconciliation of VAT.
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. For the VAT return declaration (Form 300 and FORM 394), a VAT report template per report line can be configured giving the values to be added manually to the PDF forms supplied by the Romanian tax authorities, and be submitted from there. |
| TXS030 | Fiscal Representation. Open | Complete if relevant. |
| TXS100 | VAT Run. Open | Create the VAT report, usually monthly. |