Accrual and cash reporting

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Accrual and cash reporting VAT Summary and VAT Summary – Cash reports VAT Detail, VAT Detail – Cash reports VAT Return and VAT Return – Cash reports

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Reporting VAT > VAT reports > Accrual and cash reporting

Accrual and cash reporting

There are two methods of accounting for VAT—accruals and cash. It is important that you choose the VAT reports appropriate for your VAT accounting method.

Accrual accounting for VAT

With this method you pay or reclaim VAT based on the invoice or purchase date. For example, if you issue an invoice to a customer in one VAT return period but do not receive payment until the next period, VAT is payable in the period that includes the invoice date, not the period when the customer paid.

If you use this method, use the VAT Summary, VAT Detail and VAT Return reports.

Cash accounting for VAT

This method allows you to account for VAT once the payment has been received or made. It can only be used if you have permission from HM Revenue & Customs.

For example, if you issue an invoice to a customer in one VAT return period but do not receive payment until the next return period, VAT is payable in the return period you received payment, not in the period during which the invoice was issued.

If you use this method, use the VAT Summary – Cash, VAT Detail – Cash and VAT Return – Cash reports.

■	VAT reports

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