VAT Recapitulative Statement / VIES
You must complete a recapitulative statement, also referred to as VIES in some jurisdictions, to report your selling to customers in other EU countries.
The requirement to file a recapitulative statement is part of the VAT control system within the EU that monitors commercial operations with goods and services.
This guide shows the steps required to map and generate the recap statement.
Mapping of a VAT Recapitulative Statement / VIES
1) Start by selecting the recap statement for your country, choose the frequency and the first return start date.
2) Click the Continue button to proceed to map the tax rates.
3) Select the tax rate/s which will be used to track the Services and / or Goods, and add all other tax rates to Out of Scope so that all tax rates are mapped.
4) Click to Save the mapping of the VAT Recapitulative Statement.
Generating of a VAT Recapitulative Statement / VIES
1) Select the entity where the mapping for a VAT Recapitulative Statement has been done.
2) Click on Create Tax Submission button.
3) Once you select the reporting period and currency, click on Generate.
4) The VAT Recapitulative Statement with the specific boxes for the selected country is displayed.
Statement tab - shows all the boxes, values , output computed tax and totals.
5) Transactions tab - includes all transactions from the accounting software which need to feature in the VAT Recapitulative Statement. This list can be filtered and exported to carry out any investigations
You may open a transaction in the accounting software by using the Xero button next to the transaction.
6) 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.
Success! You have mapped and generated the VIES.
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