How are VAT periods verified when preparing an annual financial statement?

We have built several different checking methods into bexio that allow you to ensure that all the necessary tasks have been performed when closing a fiscal year.

If there are still red check-marks next to "VAT period closed," this indicates that you have not yet closed all the VAT periods in the fiscal year. If you are subject to VAT, you must close all these periods before you can conclude a fiscal year.

To close VAT periods, go to Accounting - VAT and you will see the VAT form for the current period. In the top right-hand corner, you can select the period that you would like to examine. In the bottom right-hand corner, there is a blue button with the text “Mark quarter as closed” that will close the selected period. When a period is marked as closed, you will no longer be able to make any VAT-relevant bookings for that period. 

If you are not subject to VAT, you can select the appropriate option in bexio’s basic VAT settings: Go to Settings - All Settings - Accounting - VAT Basic Settings. If you adjust your bexio account so that you are no longer subject to VAT, you will be unable to create invoices that include VAT.

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