The tax point dates that Coins ERP+ uses for transactions in the VAT Return are as follows:
Purchase ledger
The tax point is the invoice date. Coins ERP+ updates the VAT either when the invoice is registered, or when the invoice is costed, depending on the VATCOSTparameter.
Sales ledger
The tax point is the invoice date. Coins ERP+ updates VAT when the invoice is posted.
Subcontractors Ledger
If the billing type is Invoice, the tax point is the Certificate date. VAT is updated when the certificate is posted.
If the billing type is Authenticated Receipt or Self-Billing, the tax point is the number of days after the cheque date determined by the CHQ+DAYSor SB+DAYSparameter. VAT is updated when the payment for the certificate is posted.
Contract Sales Ledger
If the contract is handled on an Invoice or Receipt basis, the tax point is the certificate date. VAT is updated when the certificate is entered. Note: the Receipt option is for use when you only receive cash from a customer and wish to enter a certificate as a receipt.
If the contract is handled on a Certificate basis, the tax point is the Deposit Date. VAT is updated when the payment for the certificate is posted. You should use this option if the contract is handled on an Authenticated Receipt basis.
Cash book
The tax point for payments is the cheque date, and for receipts it is the batch transaction date. VAT is updated when the batch is posted.
General Ledger
The tax point is the transaction date. VAT is updated when the batch is posted.
Expenses
The tax point is the expense date. VAT is updated when the expense claim batch is posted.
House Sales
For House Sales journals, the tax point date is the journal date. For completion statements, this should be the legal completion date. VAT is updated when the journal is posted.
When creating VAT Returns, Coins ERP+ includes all transactions with a tax point date on or before the date of the return, provided the VAT has been updated as noted above. Transactions that would have been included but where the update has not happened (for example, an invoice dated in March has been input but is not posted until after the VAT Return has been made) will be included in the following Return.