VAT Return
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 ...
How do I create a new VAT code?
Does the system warn you if a VAT return is missed?
Yes, on entering the VAT table screen, the system will display an information alert (shown below) if 38 days have passed from the last processed VAT return. N.B. Please note that this is just an information alert and that the system will not stop the ...
How do I Re-Print a Closed VAT return?
SFM provides an option to re-print VAT reports for proceed VAT returns whenever required. When you run a VAT return on SFM, the system allocates a unique return number and archives all the transactions linked to this return number so all the ...
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 ...
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 ...
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 ...
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 ...
Cannot archive VAT Return due to unprocessed transactions in POS gateway
Problem Archiving Vat return and not allowing user due to unprocessed transactions in POS gateway. The POS Gateway has transactions that are not in SIMS, probably created in POS. Environment POS Gateway in SIMS Solution Open SIMS. Go to Main > ...