Create a new TAX submission

Create a new TAX submission

Notes
This guide provides step-by-step instructions on how to generate and view VAT returns using the generate.TAX portal. It explains how to create new returns, edit returns that haven't been submitted, and view previously submitted returns. The guide also covers how to navigate the different tabs in the VAT return.

Generate a new VAT Return


1) On the Entities screen, click on the entity Name which will direct you to the Overview page with all the tax returns and submissions for that entity.


2) Click on the Create Tax Submission button next to the VAT return you want to generate.



3) On the right-hand side you need to choose the reporting period and the reporting currency for the VAT return.



4) Click Generate to generate the VAT return for the chosen period.



5) Once the report is generated, you can click the Save VAT return button.



The Transactions tab


1) The first VAT Return tab shows all the values, output computed tax and totals that the remaining tabs are based upon.


2) The Transactions tab includes all transactions from the accounting software which need to feature in the VAT return. This list can be filtered and exported to carry out any investigations.

Info
You may open a transaction in the accounting software by clicking the logo next to the transaction.


3) Once you click the logo button, this opens the transaction in the accounting software back-office where you can edit some of the details. If any changes are done on the accounting software, you will need to Refresh the data on generate.TAX.



4) Once the data loads, you will need to click on Save VAT return button once again.



The Exceptions tab

This will show any transactions for a period which were created after the VAT return was submitted.

1) The Exceptions tab includes all the transactions that should have been included in previous VAT Reporting period/s but were not added.


Info
These transactions will be recorded as exceptions which need to be resolved before the next submission. You can learn more about exceptions here.

The Reconciliation tab

The Reconciliation tab shows the VAT control account code and balance.


The Mapping tab

The Mapping tab shows what mapping had been done for the entity. If there needs to be any changes to the mapping, you need to cancel the VAT return, edit the mapping and generate the VAT report once again.