Businesses that file monthly returns must pay an advance payment by December 24 for transactions occurring in December. The amount paid must then be reported in box 91 of the December VAT return, which must be filed no later than January 20.
How does this work in Microsoft Dynamics NAV?
Step 1
In your Dynamics NAV, go to the section Financial Management, on the left side of your menu. Then click to open this menu until you reach Recurring Activities, then on the small part VAT => Period => VAT Return. Then you'll see the screen VAT STANDARD – Sample VAT Return (This may vary depending on the name you've given it.).
Next, you'll see ‘Section’Box 91." Select this field or click on the row for Box 91. Once you've done that, click the button in the lower-right corner VAT Return and then on Corrections.
Step 2
After completing this step, you'll see the “Manual VAT – Correction” can be seen there. Enter the amount paid along with the booking date in December.
Step 3
You will then see the previous screen again. The amount is now shown in the VAT Return Example. However, this has not yet been posted in Microsoft Dynamics NAV.
To include the amount of your advance payment on the VAT return, you still need to complete the following steps:
Step 4
You'll go back through the selection Financial Management to Recurring Activities, just like that VAT . Inside VAT do you choose to return to Period and now for Filing via form/Intervat. You'll then see the “VAT – Form” is displayed. On this screen “VAT – Form”You have to be in the field" Advance Payment Check the first radio button, namely “ ”Amount of manual VAT – adjustment".
Step 5
In the final VAT – Return On Intervat, the field will then be printed with the amount that was entered for it in the “Manual VAT – Correction”.
The final amount of the prepayment is then posted via the financial journal from the bank account to the tax account.
