Running a VAT Return in Brightpearl Video Lecture | Using Brightpearl: Accounting and Bookkeeping - Data & Analytics

in this video we're going to learn about
the VAT return in the magic kingdom
we'll see how to run a VAT return how to
reconcile the bat return how to find a
previous fat return and the accounting
created by reconciling about return the
Valentine is normally run every quarter
for a business and it determines how
much money's owed to the HMRC it
calculates how much taxes payable for
the sales they have made and how much
money can claim back on purchases and
ultimately what you will pay to the HMRC
it can be found by going to the reports
that return in screen you will need to
enter the from and the to date for the
period you wish to run your return for
which is going for a free month period
so in this case we're going to use from
the first of the 10th 2013 and we're
going to end it on the thirty-first of
the 12 2013 there are three options on
the right hand side that can be used the
first is include current reconciles this
will include all transactions Edith have
been reconciled on a previous return
they cannot be recounted on a different
file return the second is include
unreconciled this will include any
unreconciled items that work from a
previous period the red text will show
how many items there are and the third
is show detail this will give a list of
all items that are going to be included
in the return to run the return you just
need to press the show VAT form button
in this example I'm only going to select
the last two options and leave the other
free as we do not need this information
once a return has been run it will
populate the table the values that
relate to the each tax code so for
example t0 will affect bach 64 sales
unbox 74 purchases the totals then are
shown on the green table which is used
for your submission to the HMRC this is
done by using the HMRC portal outside a
bright pole when you're ready to
reconcile the VAT return we do advise
that you take two copies of the VAT
return using the link provided when you
are ready click on the reconcile without
Return button you will get a message to
asking you if you want to reconcile you
do press ok to this the VAT return have
now been successfully reconciled what if
I return has been run the system an
automatic mark all transactions included
in the return as being fat reconciled
and this can be seen under this journal
under the fat reconcile there's a green
tick and a date that the journal was
that reconciled on as well as marking
each jail has been fat reconciled the
system will automatically create a VAT
liability journal this can be found
under the VAT liability account normally
code 2 202 under your chart of accounts
in here we will see all the journals are
created for the VAT return and if we
click on the journal ID number we will
see the actual that liability general
that is created affecting the sales tax
control account the purchase tax control
account and the VAT liability account
if you need to look at historical that
returns this can be done by going to the
reports fat fat return history this
window will show all that returns both
reconciled and those that had been many
removed from the system you can undo all
that return here by using the remove
option to the right of the return this
will not remove that liability gender
that was originally posted and you will
need to go and cancel this journal this
can be found by going to the VAT
liability code the view transactions
will show all the general ledger items
that were used on this return in this
video we have seen how to run a VAT
return how to reconcile about return how
to find a previous VAT return and the
accounting created by reg selling of
that return that takes us to the end of
the video about the bat return for the
United Kingdom