Audit Files

VAT 201 RECONCILIATION

Net sales are pulled from the M3 VAT Schedule. Import VAT 201 schedules on the M3 tab to populate the reconciliation below.

Net Sales per VAT 201

Sales per Trial Balance (Revenue)

Difference

EXPENSES PER TAX SCHEDULE (INPUT VAT RECONCILIATION)

Adjust the Vatable % per line to indicate how much of the expense is VAT-able. The TB is NOT changed — instead a recommended journal is shown below for each line where an adjustment is needed. Expected Input VAT = Original × % × 15%.

Description	Vatable portion (excl)	Expected Input VAT
TOTAL	-	-
Input VAT claimed per VAT 201		-
Difference		-

✓ VAT 201 BALANCES to the trial balance.