Ensuring VAT Is Posted on Time

Whether the declaration point is invoice or payment, VAT information is posted when the customer invoice is created (in Order Processing or Accounts Receivable) or when the invoice is received from the vendor (in Purchasing or Accounts Payable).  In some countries, it is important that this posting occur by the 15th of the month following the date when the goods are shipped or received.  This reporting requirements affects Order Processing and Accounts Payable as follows:

·     Order Processing.  In general, timely reporting is not an issue within Order Processing, because the invoice is created at the same time the goods are shipped through the Shipping/Billing conversation.  The only potential problem occurs if you are using the consolidated invoicing feature.  To help you determine whether the invoices are being prepared as quickly as required, MAC-PAC provides the Pending Invoice Report (OP670A).  This report lists all sales orders that have been shipped but not invoiced.  The report includes only orders where the shipment date occurs before a user-specified cut-off date. 

·     Accounts Payable.  The Uninvoiced Receipts Report (AP760A) lists all purchase order receipts that have not been completely matched to invoices within MAC-PAC.  Only receipts dated on or before a user-specified cut-off date are included.  The report can be produced by vendor or accounts payable code.  Note that this report is only meaningful if you are using the three-way matching feature to match purchase orders, receipts, and invoices.