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VAT Return (ROI)

This content is for the Republic of Ireland only, if you're based in the UK, please refer to VAT Return (UK)

If your company is VAT registered, your business can charge tax for the supply of goods and services as well as reclaim VAT on purchases, fixed assets and expenses. Each month or quarter you must also produce and reconcile your VAT Return. It's really important that you submit the correct values to the Revenue and the VAT Return window in Sage helps you identify any values which may be incorrect.

There are two different ROI VAT schemes you can use in Sage Accounts:

• Standard VAT
• VAT Cash Accounting

When setting up your software it's really important to choose the correct VAT scheme for your company. You can either choose your VAT scheme when you first set up your company or from Settings > Company Preferences >VAT. Find out more about the VAT settings. If you're not sure which VAT scheme you're on, please contact the Revenue.

For a full guide to VAT in Sage, please click the Show me how option within the VAT window.

Prepare VAT Return

1. Company > Manage VAT > VAT Return.

2. To create a backup of your data before you reconcile, click Back up. Find out more about how to back up your data
   
3. Enter the date range for your VAT period.
4. If you want to include transactions within the specified period which have already been reconciled, select Include reconciled transactions.
5. To change the verification checks which are ran on your data, click Settings. Find out more about these settings
6. Click Calculate VAT Return.

Reconcile VAT Return

1. To view the results of the verification checks click View results. Find out more about how to correct these

2. To adjust any of the values on the boxes of your VAT Return, click Make adjustments.
3. To print your VAT Return, click Print VAT Return.
4. To confirm the values on the VAT Return, click the required box to see the transactions which make up the value on the VAT Return and click Reconciliation reports to compare the values to the reports.
5. Once you have confirmed the values are correct, click Reconcile VAT Return > click Yes.

Complete VAT Return

If you would prefer to do any of these steps later you can close the VAT Return and to get back to these options open Company > Manage VAT > double-click the required VAT Return.

VAT journal transfer

1. Enter the required date for the journal, this is usually the last day of the VAT period.
2. Enter the sales tax amount and the purchase tax amount > Post Journal.
   
   

Submit to the Revenue

• Click Open folder to locate the XML file ready to upload to the ROS website or if you have submitted through another method, select Mark as submitted.
  
  

Pay or Reclaim from the Revenue

1. Enter the following:
   
   
   
   

   Bank	Enter the bank account reference you want to pay the Revenue from or receive a refund to.
   Date	Enter the date of the payment or refund.
   Reference	Enter the required reference for the payment or refund.
   Details	Enter the required details for the payment or refund.
   Amount	Enter the amount you are paying or receiving

2. If you use e-Banking select Pay via e-Banking.
3. Click Post Bank Payment or Post Bank Receipt or if you have already posted the payment or receipt select Mark as paid.