VAT return and VAT filing: your VAT accounts calculated field by field

VAT accounting starts on the entry

Every line in the journal carries one VAT code: output VAT, input VAT, purchases in the EU, reverse charge, no VAT and the other standard codes set up from day one. Veneti suggests the code together with the account, and a code you choose yourself stays. The VAT code decides which field the amount lands in on the return, and which VAT account the VAT is booked to.

The standard codes cover the usual situations: 25 % output VAT, full input VAT, purchases of goods and services inside and outside the EU, EU sales without VAT and purchases without VAT. If the company needs one more code, you create it under VAT codes with its rate, direction and box, and it is ready for use once it is made active.

Read about the difference between output VAT and input VAT, about reverse charge when buying services abroad, and about acquisition VAT when buying goods in the EU.

The VAT return field by field

Under Filings → VAT you choose the period, and Veneti shows the return as the Danish Tax Agency’s own form: output VAT, input VAT, VAT on goods and services purchased abroad, energy duties, boxes A, B and C and Total VAT, in whole kroner, each box with its explanation. You choose the period’s length yourself, month, quarter, half-year or year, so the return covers exactly the period the company files for. The whole form is shown, fields at zero included, so you see the return as the Danish Tax Agency sees it.

Only booked entries count; what is still in the journal is not declared. Click a figure to see the entries it is made of, with document and VAT code. The guide on the VAT return walks through the boxes one by one.

VAT filing: check the figures and file them in TastSelv Erhverv

1. 1

   Check every figure against the entries

   When the period has ended, you open the return under Filings → VAT, click the figures you want to check and see the booked entries behind them with document, account and VAT code. What needs correcting you correct in the journal, and once it is booked the return shows the new figures.

2. 2

   File the figures in TastSelv Erhverv

   Sign in to TastSelv Erhverv and file the VAT with the figures from Veneti: the return shows the boxes in the same order and in whole kroner, so every field has its figure ready. You are the one who files and approves in TastSelv Erhverv.

3. 3

   Book the VAT settlement

   Once the figures are filed, you settle the period’s VAT with a general journal entry in the journal, so the VAT settlement account shows exactly what you owe. How is described under VAT settlement and payment below.

VAT settlement and payment

Once the period is declared, you settle the VAT with a general journal entry: output VAT and input VAT are moved to the VAT settlement account, so you owe exactly the period’s VAT on that account. The VAT payment arrives as a bank entry and is booked against VAT settlement. The return keeps the period’s figures, since the settlement voucher is left out of it. The settlement voucher is an ordinary general journal entry with one date, VAT accounts only and no VAT codes; you create it yourself in the journal, no job does it for you.

Which plans include the VAT return?

VAT codes and the VAT return with the entries behind it are included in every plan, Free included. See the pricing, or get started and have your VAT accounts covered from the first voucher.

Questions