How to do a Direct VAT Posting in SFM
SFM let's you insert an entry directly in the VAT Control Account. There are 2 different methods to do so.
The Nominal Method
Nominal Process
- Go on Current Year > Nominal > Vat Table.
- Click on Posting Button (Green button on Sidebar).
- Here you can post a Journal Entry against the Bank/Cash Account.
Only one line is needed, the Contra Entry will be against the VAT Control automatically.
Nominal Result using the Nominal Method
Nominal Entry
Cr Bank/Cash Account
Dr Vat Control Account
The Supplier Method
Supplier Process
- Choose the Supplier who you will pay the VAT directly to (this could be the courier).
- Post an Invoice for that particular supplier.
- Choose the VAT Control Account for the transaction in the 'A/C Code' field.
- Insert the full VAT Amount in the 'Amount' field.
- Upon payment for the Supplier, a standard Purchases Payment needs to be processed.
Nominal Result using the Supplier Method
Both methods achieve the same result when affecting Nominal & Vat Returns, however the Supplier method also achieves an entry in the Supplier which is recommended for historical purposes.
Related Articles
How to Process a VAT Return
Accessing the VAT Table The option to run a VAT return is available from Current Year Menu > Nominal > VAT Table, or from the VAT Shortcut Button. If the VAT Return date is within your previous financial year, please run the return from Previous Year ...Cannot archive VAT Return due to unprocessed transactions in SFM gateway
Problem Archiving VAT return and not allowing user due to unprocessed transactions in SFM gateway. The SFM Gateway has transactions that are pending import. Environment SFM Gateway in SFM. Solution Open SFM. Go to Current Year > Utilities > Import ...Tracing a Journal entry from SFM to SIMS interface
This article provides a step-by-step guide on how to trace a journal entry from SFM back to the source of the posting. In the below example, we have identified a journal entry through the Nominal Audit Trial listed as JR 000040 with values of €150 ...How can I control different VAT codes on the same consignment?
There are two main options to control VAT codes while posting a consignment. These can be set up depending on the type of trade performed by the company. The two settings are the following: Option 1: Default VAT code set on the Supplier The setting ...How to Extract the VAT Recapitulative File from SFM
As from 1 January 2010, the rules for Recapitulative Statements in the VAT Act (Chapter 406 of the Laws of Malta) came into effect. SFM fully supports this new requirement and you can export the file directly from SFM ready to be imported on the ...
Recent Articles
How to Reverse a Sales/Purchases Transaction in SFM
Reversing Entries in SFM Once users confirm an entry in SFM, they cannot modify any of its elements. The only available option is to reverse the entire transaction and re-post it with the correct values. The system supports both simple reversals and ...Setting Up BOV SEPA v9
Before proceeding, please ensure you are using the latest version of SFM. Starting October 5th, 2025, Bank of Valletta (BOV) will begin processing live transactions using the new SEPA file format (version 9). The older version 3 format will no longer ...How do I process a Nominal Reconciliation?
Procedure for Reconciling a Nominal Account (Current Year > Nominal > Nominal Reconciliation) Account Field: Select the relevant Nominal Account from the drop-down menu that you wish to reconcile. Details Field: Enter any necessary free text in the ...How to Update SFS
For optimal results, update SFS directly from the server. Important notes before updating: - All Users: Log out of SFS, SIMS and SFM (if applicable). - Remote Desktop Users: Log out of SFS, SIMS and SFM before disconnecting from the remote session. ...How to Add Custom Footers per Client basis
If you want to apply the same footer across all your invoices or the same footer across all your statements, please refer to this article: How to insert document footers in SFM If you need to use different footers for specific clients, SFM also ...
Popular Articles
How do I process an End Of Year in SFM?
Overview SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2024 before starting to post entries into 2025. The end of year procedure will move the “Current Year” data into the "Previous Year". ...Do I need to Process an End-of-Year in SIMS?
SIMS does not require an end of year procedures to be run. However, SIMS controls users to only allow posting of transactions, such as sales invoices, cash sales, adjustments and purchases, within a range of dates referred to as the Posting Period. ...How to setup a System Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc...)
Create the Account in your Chart of Accounts as seen below. Please make sure you use the code depending on your Heading and Sub-Heading digits. After creating the account, you need to specify the account as a System Control Account. Go to Support > ...How to reset your Shireburn remote desktop service (RDS) account password
The password for the Shireburn RDS Account used to connect to RDS server is set to expire after 90 days. A notification is provided to the user daily starting 5 days prior to the expiry date. In order to change password, the following steps need to ...SIMS - User Manual
The attached PDF includes the necessary functions and features of SIMS to get you started. SIMS User Manual.pdf