I have done this twice since working with Microsoft Business Central, ended my previous VAT quarter and forgot to calculate and post the VAT Settlement.
On checking my current quarter it is pulling through all of those previous quarter transactions….
Nightmare!
😨
It is easily resolved just follow the below steps and save for later if like me you make this mistake more than once.
- Head to the magnifying glass and click search for Calculate and Post VAT Settlement
- Click the above.
- Leave the start date blank to pick up prior period unreconciled transactions (any late VAT entries that were included in the last return).
- Enter the quarter end date in Ending Date.
- Posting date is the date you want the VAT settlement to be posted I use the quarter end date.
- Choose the VAT settlement account – the G/L account where the VAT lability is posted.
- Confirm that this agrees with the submitted return for that quarter, if it does not look through any transactions that have been posted back since your VAT return was submitted.
- If required correct these.
- Once you are happy with your VAT calculation, toggle on post.
- Hit Preview
- You will see the below message
- Click yes
And you are all sorted, to confirm the posting head to chart of accounts and open the G/L account for VAT Settlement or which ever G/L you chose and you will see the posted VAT Settlement.
When you run your next VAT return these transactions will no longer be included and Business Central should be pulling through the correct transactions for the period.
😊🧮