Refrens automatically generates VAT Return reports for your business based on all your sales & purchase transactions.
Let’s see how you can access them:
Step 1: Navigate to VAT returns
To access your VAT return report, navigate to accounting > accounting reports > other reports > VAT Return as highlighted below:
You will be redirected to the following page:
Step 2: Select Reporting Period
Now select the period for which you want the VAT Return data:
Step 3: View VAT Return for Selected Period
Once you select your reporting period, you will be able to see your VAT return report in a categorized manner as shown below:
As you see, all your sales & supplies AND purchase & inputs transactions are further categorized into categories such as standard-rated, zero-rated, exempt, reverse charge, etc. The system will also calculate the Net VAT Due based on these data.
Step 4: Download VAT Return as Excel or PDF
You can also download the report for a selected period as Excel or PDF in 1-click as shown below:
Important Note: If a transaction lacks the client's state/province in the client address details, it will appear under Standard Rated Supplies (OT), where OT stands for "Other State/Province."
In cases like this, you can update the client’s state/province in the respective invoice, and the changes will instantly reflect in your VAT return.
If you have any questions, please feel free to reach out to us at care@refrens.com OR drop a message on chat support for quick assistance!