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Overview (Belgian VAT Allocate/Reallocate Monthly VAT)

Use the Belgian VAT Allocate/Reallocate Monthly VAT process to populate the table with monthly VAT figures before running these reports:

bel90000.gif Belgian VAT Monthly VAT Preparation Report

bel90000.gif Sales Ledger

bel90000.gif Purchase Ledger

The frequency of the allocation process is not predetermined, and you may run it as often as is required. For example, a large site would want to run the allocations program daily to reduce the amount of month end processing.

This process will populate a table with all the VAT transactions from these ledgers:

bel90000.gif Accounts Payable

bel90000.gif Accounts Receivable

bel90000.gif General Ledger

All posted transactions from the current set of books, not previously allocated, are selected, and have a GL Date on or before the last day of the period entered as a parameter. This process creates VAT Allocation lines in a table based on the VAT Reporting Rules that you have already defined.

See Enter/Maintain VAT Reporting Rules for more information.

If a VAT Transaction Type is not recorded against an eligible transaction, whether posted or unposted, then this is reported as an exception. The error message displayed is APP-60146, There is no VAT Transaction Type.

If a valid VAT Reporting Rule cannot be applied to an eligible transaction, whether posted or unposted, it is reported as an exception. The error message displayed is APP-60150, Cannot find a VAT Rule.

When a transaction cannot be allocated for any other reason, such as an invalid tax name, then the program sweeps through the source ledgers for any posted/unposted transactions for the period and also reports these transactions as an exception. The error message displayed is APP-60157, Cannot create an allocation.

The VAT Transaction Type is derived from the tax code entered at
line level.

Run the Belgian VAT Allocate/Reallocate Monthly VAT process before you post your transactions. This lets you update any invalid transactions where a VAT rule cannot be applied. For example, if you are missing the VAT Transaction Type, or have the wrong VAT Transaction Type.

You must reallocate when you change the VAT Transaction Type of a transaction that was allocated using the old VAT Transaction Type.

The Monthly VAT Preparation shows the transactions that have a GL Date before the start of the Reporting Period (but are being declared in this Reporting Period) as corrections.

Warning: If the value of credit memos exceeds the value of invoices against which they can be offset, the credit memos are also selected. This means that the Monthly VAT Preparation Report can contain negative values, which is not allowed on the VAT Return.

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