VAT Report Production

Once you enter transactions into the system, you must be able to report those transactions on a VAT return. PeopleSoft software provides processes and report definitions to enable you to do this.

Term	Definition
VAT Transaction Loader	Once you have run all the individual processes within each product to finalize the transactions, you run the VAT Transaction Loader process to load the VAT information into the VAT transaction table.
VAT Report Definitions	VAT report definitions enable you to define the information that should appear on each line of the VAT report and are used by the VAT Report Extract process to produce VAT reports. PeopleSoft software delivers predefined reports for several countries, or you can create your own. Note: A VAT report definition is necessary for setting up and running the VAT Transaction Report.
VAT Report Extract	The VAT Report Extract process uses your VAT report definitions to determine which transactions should be included on a given VAT report, and to copy information for the specific report instance from the VAT transaction table into the VAT reporting tables.
Printing VAT Reports	After you have run the VAT Report Extract, you can print reports. You can run the report either as a draft, final, or reprint.
VAT Transaction Report	This report provides a detailed list of the transactions that are accumulated in the various lines and boxes of a VAT return and is used to audit the return values. The report can be run from the same page as the VAT return at the same time or it can be run before or after the VAT return. However, it must be run after the VAT report extract. Note: A VAT report definition is necessary for setting up and running the VAT Transaction Report. The transaction report uses the same and related tables as the VAT report definition but the transaction report setup is accessed through a separate component and page.
VAT Reconciliation	PeopleSoft software also provides several VAT reconciliation reports as well as audit file extracts to assist in reconciling your VAT or conducting audits.