Manage Your Practice and Maximise Your Efficiency with the help of Sol-Est Accounts
Part 6: Vat Analysis
Your Sol-Est program, when used correctly and to its full potential, is a very powerful accounting tool.
When the postings and reconciliations are completed properly, your reports & manual reconciliations will provide your accountant with everything they need to quickly and easily prepare your accounts for tax and submit your end of year audit to the Law Society. As an office manager or practitioner, the reporting facility in Sol-Est should be used to maximise the usefulness of the program and ensure the smooth running of the office.
This series of blog posts highlight a selection of the most important reports, which you should make a habit of running regularly.
You should run you Vat Analysis report every two months in order to complete your Vat return online.
- Reports Section – Account Reports – Office A/c – Vat Analysis – Print for the period
When your book-keeper has completed the postings for the vat period and reconciled the banks, they should also balance the VAT Return. Once reconciled, the VAT Analysis can be used to complete your Vat submissions to Revenue. If you make fixed monthly payments, you can use this report to check that the installments are enough to cover your liability and you are not left with a large payment to make at the year end.
We must stress that the usefulness of the reports is dependent upon the standard of posting to the system. Posting should be kept up to date, and manual reconciliations run each month to verify the accuracy of the data input to Sol-Est. Once your book-keeper has completed the monthly reconciliations, you should review those in conjunction with the reports below in order to keep your practice running efficiently.
If you do not use Sol-Est Accounts, you may be able to generate similar reports from your software. If you cannot, you should consider upgrading to Sol-Est to ensure you have can properly manage your practice and finances within the SAR.