Professional Documents
Culture Documents
• Explain the affects of the Prices Including VAT settings on sales and
purchase documents.
• Explain the process of adjusting calculated VAT amounts in sales
and purchase documents, and journals.
• Demonstrate the process of recording Import VAT.
• Describe and demonstrate the process of correcting a posted VAT
entry.
• Explain, create, and print a VAT Statement.
• Explain and run the Calc. and Post VAT Settlement batch job.
• Review some additional VAT Reports.
• Explain the requirements of reporting Intrastat.
• Set up Intrastat for use in Microsoft Dynamics® NAV 5.0.
• Explain the process of running and submitting Intrastat reports.
• Explain the process of running the EC Sales List.
Introduction
In this section, Value-added tax (VAT) and Intrastat are explained and processed.
This section includes information on how VAT amounts are displayed and
adjusted in sales and purchase documents, and the various processes related to
VAT. The final section describes the set up necessary to report Intrastat, the
processing of Intrastat reports, and the EC Sales List
NOTE: This section does not include the set up of VAT Posting Groups. For more
information about setting up VAT Posting Groups, refer to the Posting Groups section
of the Application Setup content.
In this section, the settings, and thus results, of the Prices Including VAT check
box are explained.
• Customer Card
• Vendor Card
• Item Card
• Sales document header
• Purchase document header
On the customer and vendor cards, if the Prices Including VAT check box:
• Does not contains a check mark, sales and purchase documents are
automatically set up to exclude VAT from unit prices and direct unit
costs. Therefore, the price and cost fields on the respective document
dynamically display Unit Price Excl. VAT and Direct Unit Cost
Excl. VAT.
• Contains a check mark, sales and purchase documents are
automatically set up to include VAT in unit prices and direct unit
costs. Therefore, the price and cost fields on the respective document
dynamically display Unit Price Incl. VAT and Direct Unit Cost
Incl. VAT.
Except for retail sales, the Prices Including VAT check box typically does not
contain a check mark.
NOTE: To include VAT in the unit price on items, the Prices Including VAT and VAT
Bus. Posting Gr. (Price) fields must be displayed on the Item Card window using the
Form Designer.
The following table provides an overview of how unit price amounts are
calculated for a sales document when prices are not set up in the Sales Prices
window:
For information about setting up Sales Prices on items, press F1 to access online
help.
2. In regards to the Prices Including VAT check box, which of the following
causes the Unit Price on the Item Card to be copied to the Unit Price Incl.
VAT field on the sales lines?
( ) Prices Including VAT check box does not contain a check mark in
either the Item Card or Sales Header.
( ) Prices Including VAT check box contains a check mark on both the
Item Card and Sales Header.
( ) Prices Including VAT check box contains a check mark on the Item
Card, but does not contain a check mark in the Sales Header.
( ) Prices Including VAT check box does not contain a check mark on the
Item Card, but does contain a check mark in the Sales Header.
3. What field must also be filled in if the Prices Including VAT check box
contains a check mark on the Item Card?
( ) VAT Amount
( ) VAT Prod. Posting Gr. (Price)
( ) VAT Bus. Posting Gr. (Price)
( ) Unit Price Incl. VAT
The following must be set up prior to entering or adjusting VAT in sales and
purchase documents:
To allow VAT correction for sales and purchases, follow these steps:
1. On the Navigation Pane, click Sales & Marketing > Setup > Sales
& Receivables Setup.
2. Place a check mark in the Allow Vat Difference field to allow the
manual adjustment of VAT amounts in sales documents.
3. Close the Sales & Receivables Setup window.
4. On the Navigation Pane, click Purchase > Setup > Purchases &
Payables Setup.
5. Place a check mark in the Allow Vat Difference field to allow the
manual adjustment of VAT amounts in purchase documents.
6. Close the Purchases & Payables Setup window.
After set-up is complete, VAT adjustments can be made in the Sales Order
Statistics or Purchase Order Statistics windows.
1. From either the sales or purchase order, click Order > Statistics.
2. Click the Invoicing tab. Adjustments can only be made while on this
tab.
In either window, the total VAT amount for the invoice, grouped by VAT
identifier, is displayed in the lines. To make an adjustment, change the amount in
the VAT Amount field on the lines for each VAT identifier.
The original VAT amount and the adjusted difference can be confirmed on the
Sales Order Statistics or Purchase Order Statistics windows by using the
Show Column function to display the Calculated VAT Amount and VAT
Difference fields.
April discusses the difference with Phyllis, the accounting manager, and is told to
setup a 5.00 maximum VAT correction amount and allow corrections for
purchases.
April accidentally enters 4.00 as the maximum and then attempts to adjust the
VAT amount on the purchase invoice. Since the change is not within the allowed
range, she is prevented from making the change. She checks her set-up and after
correcting the maximum VAT correction amount, she adjusts the VAT amount
accordingly.
The Calculated VAT Amount and VAT Difference fields are also added to the
Purchase Order Statistics window to review the original VAT amount and the
difference between the amounts.
Steps
To set up Microsoft Dynamics NAV 5.0 to make VAT corrections, follow these
steps:
To correct the maximum VAT difference allowed and complete the VAT amount
adjustment on the purchase order, follow these steps:
NOTE: It is not necessary to click the header to update the VAT amount, it is updated
automatically when the window is closed. This steps was performed to demonstrate that
the adjusted VAT amount was accepted.
Prior to adjusting VAT amounts on a general journal, the following must be set
up:
If VAT amounts are to be adjusted on sales and purchase journals, the VAT
difference must be allowed for sales and purchases, in addition to the set-up for
general journals.
For information on the set up of the maximum VAT correction amount allowed
and the VAT difference allowed for sales and purchases, refer to the Adjust VAT
Amounts in Sales and Purchase Documents section.
To set up the VAT difference allowance in the relevant journal, follow these
steps:
3. A message appears:
a. To update all related batches, click Yes.
b. If only particular batches are used to adjust VAT amounts, click
No. To set up individual batches:
To enable the journal to accept changes to the VAT amounts, she sets a 2.00
maximum VAT difference and allows VAT difference in the General journal and
all related batches.
One of the expenses, for Electricity and Heating in the amount of 800, calculates
VAT at 119.15. However, the VAT amount she is posting is 121. She
accidentally enters 123 and receives an error. After entering the correct VAT
amount, she reviews the amount in the VAT Difference field.
Steps
To set up Microsoft Dynamics NAV 5.0 to make VAT corrections, follow these
steps:
To enter a line in the general journal and adjust the VAT amount, follow these
steps:
A purchase order from customer 20000, Selangorian Ltd., was received for sales
order 101017. The customer has agreed to pay the full amount of the sales order,
however, and the customer has calculated VAT slightly higher than the
calculation on the sales order. The calculated VAT amount is 194.09, the
customer has calculated the VAT amount as 197.03.
To expedite the sales order process, you set up a maximum VAT correction
amount of 3.00 and enable VAT differences on sales documents. After set-up is
complete, you change the VAT amount on the sales order.
Challenge Yourself!
In the past, these invoices have contained large differences in VAT calculations.
Therefore, before you enter the expense, you set a 10.00 maximum VAT
difference allowance and then verify that both the purchase journal and Purchase
area are set up to adjust VAT amounts.
• Batch: Default
• Posting Date: 28/01/08
• G/L account: 8530
• Amount: 210.17
• Adjusted VAT amount: 23.30
HINT: It may be necessary to show the VAT Amount and VAT Difference fields on the
Purchase Journal.
Challenge Yourself!
1. Set up Microsoft Dynamics NAV 5.0 to adjust VAT amounts for
purchase journals and purchases, as specified in the scenario.
2. Create the expense and adjust the VAT amount as specified in the
scenario.
Import VAT
The process of recording Import VAT involves the posting of a document where
the entire amount is treated as VAT. Import VAT is recorded when a VAT
invoice is received from tax authorities for imported goods.
When the VAT invoice from the tax authorities arrives, it shows a calculated
import VAT amount of 17.5% of the invoice amount (17,500.00 LCY).
Therefore, when the VAT invoice is paid, a VAT ledger entry must be created
with the VAT base of 0 and the VAT amount of LCY 17,500.00.
The first step is to set up a general ledger account and the VAT Posting Setup to
accommodate the Import VAT. Import VAT is then posted using either a journal
or purchase invoice. In this demonstration both posting options are explored.
Steps
The following must be set up to record Import VAT using a general journal:
• G/L Account
• VAT Product Posting Group
• VAT Posting Setup combination for Import VAT
To set up the VAT Product Posting Group for Import VAT, follow these steps:
To set up the G/L account for Import VAT, follow these steps:
To set up the VAT Posting Setup for Import VAT, follow these steps:
NOTE: When posting full VAT amounts using journals, only the G/L account number,
Gen. Posting Type, VAT Bus. Posting Group and VAT Prod. Posting Group, and the
balancing account must be filled in.
By setting up the default Gen. Posting Type, VAT Bus. Posting Group, and VAT Prod.
Posting Group on the G/L account, all the information needed for posting the full VAT
amount is automatically filled in when the G/L account is entered in the journal.
Microsoft Dynamics NAV 5.0 created two balancing entries for account 5650:
In the VAT Entries window, the Base field is 0.00 and the Amount field is
17,500.00. This VAT entry is equivalent to the first G/L entry. Note that entries
with the Base field set to 0.00 are only created from entries posted with a VAT
Calculation Type of Full VAT.
For this part of the demonstration, the G/L account created for Import VAT
(5650) and the VAT Product Posting Group (IMPVAT) are used.
To set up the vendor for use with Import VAT, follow these steps:
To set up the General Product Posting Group and G/L account for Import VAT,
follow these steps:
To set up the General Posting Setup for Import VAT, follow these steps:
To post the purchase invoice to record Import VAT, follow these steps:
There are now four entries in the General Ledger Entries window. The two
entries posted on 30/01/08 for the new posted purchase invoice are similar to the
two entries posted on 24/01/08 from the journal.
To review the VAT entries for the posted purchase invoice, follow these steps:
In the VAT Entries window, the Base field is 0.00 and the Amount field is
17,500.00. This VAT entry is equivalent to the first G/L entry for the posted
invoice.
NOTE: When posting purchases documents, a Gen. Business Posting Group and a
Gen. Prod. Posting Group must be entered otherwise the document cannot be posted.
In addition, the import VAT G/L account number, Gen. Posting Type, VAT Bus.
Posting Group and VAT Prod. Posting Group must be specified for Microsoft
Dynamics NAV 5.0 to post a full VAT amount.
VAT Correction
In Microsoft Dynamics NAV 5.0, corrections can be made to posted VAT entries
using a process that changes the total sales or purchase VAT amounts without
changing the VAT base. This process is used, for example, when an invoice is
received from a vendor who has calculated VAT incorrectly.
• Purchase VAT and Payables G/L accounts set-up for Direct Posting
• Correction VAT Posting Setup with a VAT Calculation Type of
Full VAT
• General Journal
NOTE: Minimal VAT Posting Group combinations are set up in this demonstration.
• 1,175.00 credit to both the relevant vendor account and the payables
account.
• 175.00 debit to the purchase VAT account.
April later receives the vendor invoice that states that the amount including VAT
amount is 1165.00, therefore, a 10.00 correction must be posted. April contacts
Cassie, the accountant, to make the correction.
Since this is the first VAT correction needed at CRONUS UK Ltd., Cassie sets
up the following to prepare for the correction process:
Once the set-up is complete, she posts the correction using a general journal, and
then reviews the posting. Once the posting and review are complete, she removes
the Direct Posting capabilities on the G/L accounts.
Steps
To set up the G/L account and VAT posting groups for this demonstration,
follow these steps:
13. In the VAT Bus. Posting Group field, click the AssistButton and
select National.
14. In the VAT Calculation Type field, click the AssistButton and
select Full VAT.
15. In the Purchase VAT Account field, enter 5630.
16. Close the VAT Posting Setup and VAT Product Posting Groups
windows.
When the general journal posted, the following entries were created:
To remove the direct posting capabilities on the G/L accounts, follow these steps:
VAT Statements
The VAT statement is used to specify the basis for calculating the VAT payable
to the tax authorities. Created in the VAT Statement window, the VAT
statement is defined based on:
The advantage of using the VAT entries is that these entries can be closed by
posting the VAT settlement. By working with VAT entries, it is easier to locate
VAT correction entries in previous accounting periods, where the VAT statement
has been done.
This section includes an overview of the VAT Statement window and then
demonstrates how to define, preview, and print a VAT statement.
• Is calculated
• Appears when printed
Field Description
Name Accesses the VAT Statement Names window. New
statement names can be set up or existing statements can be
selected.
Row No. A unique number that identifies a row, used to define
totalling.
Description A description of the VAT statement line. It is recommended to
use the description from the customs and tax authorities’ VAT
statement form.
Field Description
Type Determines what the VAT statement line includes. The
options are:
Account Totalling: Used when VAT is totalled using G/L
Account entries. If selected, the Account Totalling field must
be filled in with the G/L account range to total.
VAT Entry Totalling: Used when VAT is totalled using VAT
entries. If selected, the following fields must be filled in:
Gen. Posting Type
VAT Bus. Posting Group
VAT Prod. Posting Group
Amount Type
Field Description
Row If Row Totalling is selected in the Type field, specify the row-
Totalling number interval or a series of row numbers to be included in
the row total.
Calculate Determines if Microsoft Dynamics NAV 5.0 reverses the sign
With of VAT entries when it performs calculations. The options
are:
• Sign: Uses the sign of the VAT entry.
• Opposite Sign: Uses the opposite sign of the VAT entry.
Print If selected, the row is printed on the VAT Statement.
Print With Determines whether amounts on the VAT statement are
printed with their original sign or with the sign reversed. The
options are the same as in the Calculate With field.
NOTE: Regardless of whether Microsoft Dynamics NAV 5.0
treats individual amounts as debit or credit amounts, by
selecting Opposite Sign in this field, all amounts on the VAT
statement can be printed with a positive sign.
New Page If selected, a new page begins immediately after this row
when the VAT statement is printed.
After setting up the VAT statement, Phyllis runs a preview to confirm the set up
and then prints the statement.
Steps
To create a VAT Statement using VAT entries, follow these steps:
15. In the Type field, click the AssistButton and select Row Totalling.
16. In the Row Totalling field, enter REV1..REV2.
17. Do not change the defaults in the remaining fields.
To view a calculated VAT Statement before printing it, in the VAT Statement
window, click VAT Statement > Preview.
These selections determine the lines that are contained in the actual statement,
and the lines that appear in the preview.
On lines where the Type field contains VAT Entry Totalling, the individual
entries that make up the sum in the Column Amount field can be accessed by
clicking the AssistButton.
HINT: To total all lines, filter the totalling rows using the Either/Or symbol.
Challenge Yourself!
To enter the statement lines for Domestic Purchase VAT, follow these steps:
To enter the blank row and statement lines for EU Purchase VAT, follow these
steps:
1. Click the next line and press TAB and ENTER to create the blank
row.
2. Click the next line.
3. In the Row No. field, enter LAB4.
4. In the Description field, enter Purchase VAT 17.5% EU.
5. In the Type field, click the AssistButton and select VAT Entry
Totalling.
6. In the General Posting Type field, click the AssistButton and select
Purchase.
7. In the VAT Bus. Posting Group field, click the AssistButton and
select EU.
8. Click OK.
9. In the VAT Prod. Posting Group field, click the AssistButton and
select VAT17.
10. Click OK.
11. In the Amount Type field, click the AssistButton and select
Amount.
12. Do not change the defaults in the remaining fields.
13. Click the next line.
14. In the Row No. field, enter LAB5.
15. In the Description field, enter Purchase VAT 5% EU.
16. In the Type field, click the AssistButton and select VAT Entry
Totalling.
17. In the General Posting Type field, click the AssistButton and select
Purchase.
18. In the VAT Bus. Posting Group field, click the AssistButton and
select EU.
19. Click OK.
20. In the VAT Prod. Posting Group field, click the AssistButton and
select VAT5.
21. Click OK.
22. In the Amount Type field, click the AssistButton and select
Amount.
23. Do not change the defaults in the remaining fields.
24. Click the next line.
25. In the Row No. field, enter LAB6.
26. In the Description field, enter Purchase VAT EU.
27. In the Type field, click the AssistButton and select Row Totalling.
28. In the Row Totalling field, enter LAB4..LAB5.
29. Do not change the defaults in the remaining fields.
To enter the blank row and totalling line for Purchase VAT, follow these steps:
1. Click the next line and press TAB and ENTER to create the blank
row.
2. Click the next line.
3. In the Row No. field, enter LAB7.
4. In the Description field, enter Total Domestic and EU Purchase
VAT.
5. In the Type field, click the AssistButton and select Row Totalling.
6. In the Row Totalling field, enter LAB3 LAB6.
7. Do not change the defaults in the remaining fields.
VAT Settlement
Periodically, the net VAT must be remitted to the tax authorities. To calculate
this amount, run the Calc. and Post VAT Settlement batch job. This batch job:
In this section, the Calc. and Post VAT Settlement batch job is explained and run.
9. In the Post check box, when printing or previewing the batch job:
o Click to insert a check mark to post the transfer to the VAT
settlement account automatically.
o Leave unchecked to print a test report.
1. Click Preview to review the report, or click Print to print the VAT
Settlement.
2. If the Post check box was checked, a message appears asking if VAT
Settlement needs to be calculated and posted.
o Click Yes to continue posting.
o Click No to prevent posting.
• The account for purchase VAT is credited and the account for sales
VAT is debited with the amount from the VAT statement period.
• The account for VAT settlement is credited with the net amount (or,
if the purchase VAT amount is larger, it is debited).
NOTE: As soon as VAT entries are posted and their status is closed, they cannot be re-
opened. However, VAT reports can be created from these closed entries.
2. What occurs when the Calc. and Post VAT Settlement batch job is posted?
(Select all that apply.)
( ) Purchase and sales VAT amounts are transferred to the VAT
settlement account.
( ) A Posted VAT Settlement report is printed.
( ) VAT entries are closed.
( ) The entry number of the settlement entry that closed the VAT entry is
inserted in the Closed by Entry No. field for amounts that are
transferred between G/L accounts.
Filters can be set on the VAT Entry tab to define what is included in the report.
Field Description
VAT Base Discount: Place a check mark in the check box to print the
VAT base discount amount over the maximum
selected value in the maximum VAT Base
Discount field.
VAT Base Discount %: Enter a value in this field if you have placed a
checkmark in the VAT Base Discount checkbox.
Manual VAT Difference: Place a check mark in the check box to print the
manual VAT difference over the maximum
amount in the VAT Difference (LCY) field.
VAT Difference (LCY): Enter a value in this field if you have placed a
checkmark in the Manual VAT Difference
checkbox.
VAT Calculation Types: Place a check mark in the check box to check
VAT calculation type.
VAT Rate: Place a check mark in the check box to check
the VAT rate for that particular journal line
VAT % Difference: Enter a value in this field to check the maximum
VAT rate difference.
Click the Print button to print out the report. To see the report on the screen
before printing, click the Preview button.
VAT Audit
Use this batch job for HMC&E VAT audit purpose. It exports the relevant data
for VAT auditors into CSV (comma separated) format files.
Filters can be used to define what data is included in the report. Filters can be
set on the VAT Entry to reduce the data being included in the report, whilst the
options tab allows the user to define the location to save the extracted data.
Complete the report tabs as follows
• Posting Date: Enter the period for which the VAT Entries will be
exported.
• Click the up-arrow at the lower left-hand corner of the window to see
the result of the filters you have defined for the table.
Options Tab
Intrastat Reporting
All EU businesses must report their trade with other EU countries. Each
company within the EU is responsible for:
In the following sections, Intrastat is set up and then processed for reporting.
Set up Intrastat
For posted item entries to contain the necessary information when imported into
the Intrastat Journal line, the following must be set up:
• Commodity Codes
• Transactions Nature Codes
• Transport Methods
Intrastat Journal Templates and Batches must also be set up before Intrastat can
be reported.
In this section, Intrastat is set up for use in Microsoft Dynamics NAV 5.0.
• ordinary purchase/sale
• exchange of returned goods
• exchange of non-returned goods
• 1 for ship
• 2 for rail
• 3 for truck
• 4 for air
• 5 for mail
• 7 for pipe/wire
• 9 for self-transport (for example, transporting a car by driving it)
When entering these methods in Microsoft Dynamics NAV 5.0, the above
descriptions are not required. However, the descriptions must provide a similar
meaning.
Additional Setup
In addition to Commodity Codes, Transaction Nature Codes, and Transport
Methods, the following can be set up for Intrastat reporting:
This information is also copied from the posted item entries when the Intrastat
Journal is created.
Once set up, Transaction Specifications, Exit/Entry Points, and Areas are
entered on the Foreign Trade tab of sales and purchase documents prior to
posting.
• BE for Belgium
• NL for Netherlands
• DE for Germany
In addition, it is important to fill in the Intrastat Code because the Get Item
Ledger Entries batch job in the Intrastat Journal retrieves only the entries that
contain a country code with an Intrastat Code. Therefore, it is important that
Intrastat codes are set up for the country codes used in the batch job.
7. The Reported check box indicates whether the entries have been
reported to the tax authorities. A check mark is automatically
inserted when the Intrastat - Make Disk Tax Auth. batch job is run,
but can be removed to re-run the report.
8. Close the Intrastat Jnl. Batches and Intrastat Journal Templates
windows.
Report Intrastat
The process of reporting Intrastat begins with filling in the Intrastat Journal and
then selecting how to submit the reports to the proper reporting authorities.
NOTE: Intrastat Journals are not posted; they are generated for reporting purposes
only.
In this section, the Intrastat Journal is filled in and then the reporting options are
explained.
Intrastat Journals
Intrastat Journals are populated using either of the following methods:
• Manually
• Automatically with the Get Item Ledger Entries batch job
In this section, Intrastat Journals are populated using the batch job.
NOTE: The manual option is typically used to record G/L entries in addition to item
ledger entries, such as service charges, freight costs, and landed costs.
To populate the Intrastat Journals using the batch job, follow these steps:
The Intrastat Journal is populated with the entries for the specified period.
Submit Intrastat
Once the Intrastat Journal is populated, the following report options are available:
If both sales and purchase transactions are reported, a separate form must be
completed for each Type, so the report must be printed twice.
Step _____ : Run the Get Item Ledger Entries batch job.
EC Sales List
The EC Sales List is based on the information on the VAT Entry table and is
used to report details of sales to other EU countries to the tax authorities.
• BE for Belgium
• NL for the Netherlands
The setup of the Country codes is described previously in this chapter regarding
setting up country codes for Intrastat.
The format of the VAT code can be enforced using the VAT Reg No. Formats
option from the country/Region code. To setup VAT format follow these steps:
5. Enter a separate line for each possible format that is allowed for the
VAT registration number.
o Enter # where the user must enter a digit
o Enter @ where the user must enter a letter
o Enter ? where the user can enter any character.
o For example GB#########.
FIGURE 8.3
Steps
FIGURE 8.4
• Print Third Party Trade As: Click the relevant radio button to specify
if you want the report to show third party trade as a separate line for
each customer or as an additional column.
• Create XML File: Check mark this field if you wish to create an EC
Sales List XML file. This allows you to create an Electronic version
of the EC Sales List in XML format.
• XML File: Enter the name of the XML file that the data will be
exported to. This file can then be uploaded to HMRC.
• Click the Print button to print out the report. To display the report on
screen click the Preview button.
Summary
When doing business with EU countries, VAT and Intrastat must be reported. In
this section, the use and reporting of VAT and Intrastat were explained.
After explaining how to view and adjust VAT amounts in sales and purchase
documents, and journals, demonstrations were provided of setting up and posting
Import VAT and VAT Corrections.
VAT Statements, used to calculate the VAT settlement amount for a specific
period, were explained, including templates and an overview of the VAT
Statement window. A VAT Statement was also defined, previewed, and printed.
In the section on VAT settlement, the Calc. and Post VAT Settlement batch job
and the related posting results were described.
The final sections described Intrastat reporting, including the set up required,
how to populate the Intrastat Journal, and the reporting options available.
4. Which of the following are true about VAT Statements? (Select all that
apply.)
( ) Are set up with the format required by the tax authorities
( ) Used to specify the basis for calculating the VAT payable to the tax
authorities.
( ) Are defined based on entries in the VAT Entries window and accounts in
the Chart of Accounts window.
( ) Are set up and defined monthly.
1.
2.
3.
Solutions
Display VAT Amounts in Sales and Purchase Documents
Multiple Answer/Choice Questions: Prices Including VAT
Setup
1. Where can Prices Including VAT be set up? (Select all that apply.)
( ) G/L Accounts
(√) Customer and Vendor Cards
(√) Sales and Purchase Documents
(√) Item Cards
2. In regards to the Prices Including VAT check box, which of the following
causes the Unit Price on the Item Card to be copied to the Unit Price Incl.
VAT field on the sales lines?
( ) Prices Including VAT check box does not contain a check mark in
either the Item Card or Sales Header.
(•) Prices Including VAT check box contains a check mark on both the
Item Card and Sales Header.
( ) Prices Including VAT check box contains a check mark on the Item
Card, but does not contain a check mark in the Sales Header.
( ) Prices Including VAT check box does not contain a check mark on the
Item Card, but does contain a check mark in the Sales Header.
3. What field must also be filled in if the Prices Including VAT check box
contains a check mark on the Item Card?
( ) VAT Amount
( ) VAT Prod. Posting Gr. (Price)
(•) VAT Bus. Posting Gr. (Price)
( ) Unit Price Incl. VAT
Import VAT
Fill in the Blanks: Import VAT
VAT Correction
1. Which of the following are included in the VAT Correction process? (Select
all that apply.)
( ) Correction VAT Posting Setup with a VAT Calculation Type of
Normal VAT.
(√) Purchase VAT and Payables G/L accounts set up for Direct Posting.
(√) General Journal
(√) Correction VAT Posting Setup with a VAT Calculation Type of Full
VAT.
VAT Settlement
Multiple Answer Questions: VAT Settlement
1. Which of the following are true of the Calc. and Post VAT Settlement batch
job? (Select all that apply.)
(√) Can be used to start the posting process or to print out a test report.
(√) Calculates VAT settlement of open VAT entries in previous
accounting periods.
( ) Is run once a month.
(√) Finds all the VAT entries in the VAT Entry window, for every VAT
Posting Group combination, that are included in the filters in the
batch job.
2. What occurs when the Calc. and Post VAT Settlement batch job is posted?
(Select all that apply.)
(√) Purchase and sales VAT amounts are transferred to the VAT
settlement account.
( ) A Posted VAT Settlement report is printed.
(√) VAT entries are closed.
(√) The entry number of the settlement entry that closed the VAT entry is
inserted in the Closed by Entry No. field for amounts that are
transferred between G/L accounts.
Set up Intrastat
Multiple Answer/Choice Questions: Intrastat Setup
Report Intrastat
Sequencing Activity: Reporting Intrastat
Task: Put the following steps in order: Process of reporting Intrastat in Microsoft
Dynamics NAV 5.0.
4. Which of the following are true about VAT Statements? (Select all that
apply.)
(√) Are set up with the format required by the tax authorities
(√) Used to specify the basis for calculating the VAT payable to the tax
authorities.
(√) Are defined based on entries in the VAT Entries window and accounts in
the Chart of Accounts window.
( ) Are set up and defined monthly.