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Preparing monthly tax returns are often dreaded as the thought of pulling backup, reconciling transactions, and preparing reports is time consuming and takes a lot of effort. Microsoft Dynamics GP has a Value-Added Tax (VAT) Daybook tool that will prepare the detailed and summarized reports needed for tax filings.
VAT is the taxes on goods and services used throughout various countries. A VAT Report will produce a summarized tax report that can be used to remit taxes. It will summarize the total taxes charged on sales and total taxes paid to vendors. It will also produce a finalized tax return form used to remit.
Traditionally, users use the general ledger and/or trial balances to remit taxes. However, with the VAT Daybook, it can now automatically produce the report without manual updates/manipulations to prepare a tax return report.
The advantage of using a VAT daybook is that it will capture any transactions posted to prior periods that were not remitted in the tax return. It will eliminate reporting errors when a user reports using the general ledger.