What is VAT validation?
There are many terms for "VAT validation" which are used to describe the same process. Oftentimes, the terms "VAT recapitulation" or "VAT Journal" are used.
The VAT Journal is the basis for validation and serves as evidence for the deductions declared on the VAT form, as well as for pre-tax deduction, in which the bookings are broken down per sentence and account.
How do you do your VAT validation?
Validation or recapitulation of VAT is nothing more than checking how the values in the various postings (sales tax & input tax) are calculated from the VAT form.
In addition, you can check all VAT-relevant postings by number and plausibility, whether the individual postings on the relevant accounting accounts and the VAT code used for this purpose are correct.
Click on the VAT form on the desired number next to the declared amount.
bexio lists the following detailed information for every tax-related posting:
- Accountancy account
- Document date
- Reference (Document number)
- Description (Title or contact/Personal account)
- Tax rate(Code)
- Posting currency(Foreign currency)
- Net amount(Foreign currency)
- Net amount
- VAT amount
- Total(Gross amount)
Can I export the VAT Journal for further processing?
Yes, you will find a button right at the bottom of the list of all entries for the currently selected numbers and tax period in the form of an Excel file.Next, you have the opportunity to “download all numbers as an Excel file” and export it.
The VAT validation works for all types of billing (after agreed payment/collected remuneration) and tax methods (Effective taxation / account balance taxation).