Prepare the quarterly VAT worksheet (2550Q)
Get output VAT, input VAT and VAT payable from your books, then record the return you filed.
This worksheet is for companies with VAT Registered turned on in Company Settings. It prepares figures from your books so you or your accountant can complete the official return. GodoERP doesn't file it for you.
Where: Reports › VAT Returns (2550Q).
Read the worksheet
- Choose the year. Each quarter shows Output VAT, Input VAT, input VAT carried in from the last quarter, and VAT payable.
- Open a quarter to see the full worksheet:
- Sales: VATable sales (net of credit notes), zero-rated sales and exempt sales
- Purchases: with input VAT, and without VAT
- Input VAT applied, VAT payable, and unused input VAT carried to next quarter
- Use Print for your records or for your accountant.
Record the return you filed
After you have filed and paid outside GodoERP:
- Open the quarter and fill in Record the filed return and payment: Date filed / paid, Paid from (bank account) and the Reference.
- Click Record return.
GodoERP posts Dr VAT Payable, Cr Input VAT, Cr Bank, clearing both VAT accounts for the quarter. The figures are frozen as recorded, so later changes to that quarter don't silently change a recorded return.
Tip: Record quarters in order. Each quarter's unused input VAT carries into the next.
Note: To correct a recorded return, use Void this return, fix your books, then record it again. GodoERP is not the BIR or a tax adviser, so confirm figures and deadlines with your accountant.