WemoticsDocumentation

Finance

VAT Report

VAT filing summary

The VAT Report page in Finance provides a summary of the output and input VAT for the selected reporting period.

What the report covers

The report allows you to

  • Review Output VAT calculated from issued invoices.
  • Review Input VAT recorded through expenses.
  • Calculate the Net Payable amount due to the tax authority.
  • Review VAT totals by rate.
  • Inspect the invoices and expenses included in the report.

Reporting Period

Selecting the period

Use the period selector in the upper-right corner to select the Reporting Period.

The selected period is also displayed next to Reporting Period and in the VAT Return Summary title.

Changing the period recalculates all values displayed in the report.

Main VAT Indicators

Output VAT

VAT calculated from invoices issued during the selected period.

The number of invoices included in the calculation is displayed below the amount.

Input VAT

Deductible VAT calculated from expenses recorded during the selected period.

The number of expenses included in the calculation is displayed below the amount.

Net Payable

The net VAT amount to pay to the tax authority.

It is calculated as follows:

Net Payable = Output VAT − Input VAT

VAT Proportion Bar

Output versus input VAT

A visual bar below the main indicators shows the relationship between Output VAT and Input VAT.

  • Collected – Output VAT charged through invoices issued to customers.
  • Deductible – Input VAT that can be offset based on recorded expenses.

VAT Return Summary

Summary for the selected period

The VAT Return Summary for the selected period displays:

  • Output VAT.
  • Input VAT.
  • Net Payable.

The final amount is shown on the right as VAT Payable to Tax Authority.

Output VAT by Rate

Breakdown by invoice VAT rates

This section breaks down Output VAT according to the VAT rates applied to invoices.

For each rate, the report shows:

  • VAT rate.
  • Number of invoices.
  • Total invoice value.
  • VAT Amount calculated at that rate.

If multiple VAT rates were used during the selected period, each rate is displayed separately.

Input VAT by Rate

Breakdown by expense VAT rates

This section breaks down Input VAT according to the VAT rates applied to recorded expenses.

For each rate, the report shows:

  • VAT rate.
  • Number of expenses.
  • Total expense value.
  • VAT Amount calculated at that rate.

Expenses by Category

Breakdown of deductible expenses

This section shows how deductible Input VAT is distributed across expense categories.

Available categories include:

  • Parts & Materials – parts and materials associated with repair work.
  • Stock Purchases – items purchased to replenish inventory.
  • Operating Expenses – other expenses related to workshop operations.

For each category, the report shows:

  • Number of items.
  • Total value of expenses in the category.
  • DEDUCTIBLE VAT assigned to the category.

Invoices and Expenses

Two detailed lists

At the bottom of the report, you can switch between two detailed lists:

  • Invoices – shows invoices issued during the selected period that include collected Output VAT.
  • Expenses – shows expenses from the selected period that include Input VAT.

The number of records included in the report is displayed next to each option.

Issued Invoices

All invoices with Output VAT in this period

Select Invoices to view all issued invoices included in the VAT Report.

The table contains the following information:

  • Invoice No. – the invoice number assigned in the system.
  • Date – the date on which the invoice was issued.
  • Net Amount – the taxable invoice amount before VAT.
  • VAT Rate – the VAT percentage applied to the invoice.
  • VAT Amount – the Output VAT amount calculated using the applied VAT rate.
  • Total – the total invoice amount including VAT.

Supplier Expenses

Track supplier costs and input VAT to offset against collected VAT

Select Expenses to open the Supplier Expenses section.

This section shows supplier costs and the Input VAT that can be offset against collected Output VAT.

The table contains the following information:

  • Supplier – the supplier associated with the expense or purchase.
  • Category – the category assigned to the expense, such as Parts & Materials, Stock Purchases, or Operating Expenses.
  • Invoice Date – the date of the supplier invoice or expense document.
  • Net Amount – the expense amount before VAT.
  • VAT Rate – the VAT percentage applied to the expense.
  • VAT Amount – the Input VAT amount associated with the expense.
  • Total – the total expense amount including VAT.

Checking the Report

Before preparing a VAT filing

Before using the VAT Report to prepare a VAT filing, check that:

  • All invoices for the selected period have been issued.
  • The correct VAT Rate has been applied to every invoice.
  • All expenses have been recorded in the correct period.
  • Expense amounts and VAT values are correct.
  • Each expense has been assigned to the correct category.

The VAT Report summarizes the information recorded in the system. Its accuracy depends on the data entered in invoices and expense records.