Deposits Unallocated payments on account in the SFM VAT reports
Can I get the current amount of deposits/unallocated payments on accounts in SFM VAT reports?
Answer: From version 2.0.10.24 of SFM, you have the option to include the unallocated payments in the VAT report. The option to run a VAT Unallocated Payments Report is available from the VAT Table. This can be accessed from the Main Menu > Current Year > Nominal > VAT Table.
The unallocated payments can be found on two reports available in the Print Menu (CTRL + P).
These are the Summary Balances by Input/Output and the Unallocated Payments.
Summary Balances by Input/Output Report
In this report, you will find the summary of all the Input & Output amounts with the corresponding VAT value according to the VAT code used and the Unallocated Payments Totals, if selected.
The Unallocated Payments Totals in this report can be turned on in the printing window by ticking the Include totals of Unallocated Payments.
When this option is ticked, the system will print the Unallocated Payments Totals Summary for the Sales & Purchases. This will be printed at the end of the report.
Unallocated Payments Report
This report will provides more detailed analyses and will show a list of client/suppliers with their unallocated amounts. These will be split in two pages, one for the Sales transactions and the second page for the Purchases transactions, where applicable. For more detailed analyses of the individual client/supplier transactions, please print the Unallocated Transactions report from the Sales/Purchase Ledgers Reporting function.
VAT on Cash Accounting Only
For SFM companies set on Cash Basis (Cash Accounting), partial allocation of Receipts/Payments is not allowed.
When posting a partial Payment / Receipt against an invoice, the user will be presented with the following error:
Partial Payments/Receipts will need to be posted on account, and when the remaining amount is posted, these can be allocated against the invoice so to update the VAT Reports.
Reports from the Archive will be available from this version onwards.
Please note that companies which are on this mode of accounting should have the wording Cash Accounting on their invoices. For help in setting up the additional text on the invoices, kindly follow this article.
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