Summary

After the VAT Return has been submitted to HMRC, in Microsoft Dynamics 365 Business Central, the VAT Control Accounts need to be cleared down.

The process of how to clear down those VAT Control Accounts is described in this blog.

How do I do this?

To clear down the Control Accounts, we recommend using the following method.

1. Search “VAT Reports” and open the relevant report on the list.

2. Then select the option – VAT settlement and Calculate and Post VAT Settlement, as illustrated below:

3. You’ll then need to ensure that the Starting and Ending Date are for the period that you would like to post the VAT settlement for.

NOTE: Once the VAT settlement has been posted, any VAT entries made in the period selected will be marked as closed and will not be used on any future VAT returns.

4. The other fields on the Edit – Calculate and Post VAT Settlement are:

• The date the journal will be posted.

• The return reference – you could suffix with say 2019Q2, so you know what it is when reviewing the postings afterward.

• Choose your payment control account.

• Turn on if you want the report to show all the transactions and not just the summaries.

• Turn on if you want the system to auto post the journal to clear the control accounts. Select print/send to etc. in order to check the chart of accounts and ensure the posting was 0.

Further Information

If you have any questions about this or need assistance, then please contact the GCC Group Support Team on 0345 260 1151 or servicedesk@gccgroup.co.uk

Microsoft Dynamics 365 Business Central

Dynamics 365 Business Central is a cloud-based, all-in-one ERP business management solution from Microsoft. 

Designed to integrate with the full Microsoft suite – such as Outlook, Excel, and Power Apps – Business Central can connect and automate your business from managing your accounts, stock, projects, manufacturing, and sales.

Become a smarter, more agile, and better-informed business with Business Central – a solution which can evolve and grow as your business grows.

Business Central offers:

• Greater control and insight of your business

• Real time business reporting

• Cloud benefits – secure access from anywhere

• Full Microsoft 365 integration – increasing collaboration and efficiency across your business

• Customisations for specific industry needs with Power Apps, Power Automate and Power BI

Business Central is flexible to suit any business needs so simply choose which modules are needed for your business.

Speak to a member of the GCC team and find out more about Dynamics 365 Business Central.