VAT/GST sits within the Review feature in Syft's Financial Close section. This tool set empowers you to review and report on the sales tax for your organization within the Tax Review and Tax Report sections.

Want to double-check that you are claiming all the tax back that you could be? Well, Syft's Tax Review is just the thing you need. In the VAT/GST Review section of Review, you can keep track of current VAT/GST which is claimable, while also noting anomalous transactions that Syft has detected.

Under VAT/GST Review, you can navigate to three reports:

All of these reports classify and quantify potentially anomalous transactions for the VAT/GST period and divide them into two different categories:

The Overview review keeps track of the current VAT/GST that is due or claimable, taking into account the anomalous transactions from the account defaults as well as new reports that are coming soon. Each drop-down displays information linked to that tax category and links to the various VAT/GST Review pages for further analysis.
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This review allows you to see where you may potentially be missing out on claimable VAT/GST or where you could be under-declaring VAT/GST that you owe.

Navigate to "Review" > "VAT/GST" > "Tax Review" > "VAT/GST Overview" where you will be able to change the period of the report, add the report to a template, or download the report. The links for account defaults and differences in accounts, highlighted in the image below, will take you to the "Accounts" or "Differences" sub-tabs where you will be able to view the details that make up the final values shown in "Overview".

To change the number of periods you view, click on the drop-down, as illustrated below.

This report highlights transactions with different tax codes assigned to them instead of the default tax code for that account.

When a transaction’s tax coding differs from the account’s default tax coding, the transaction is flagged as anomalous. The VAT/GST adjustment represents the resulting impact on the total VAT/GST when correcting the anomalous transaction. This report lets you track transactions that may have incorrectly assigned tax amounts, which could offset your VAT/GST calculations.

Click on the drop-down arrow to view all transactions.

The Account Differences Report identifies any zero VAT/GST transactions within a non-zero VAT/GST account. The adjusted VAT amount is then further calculated using the most common tax rate detected in the account's previous transactions.

If there are any discrepancies detected in either your input or output VAT/GST, they will be flagged under either Input or Output. As with Accounts, you can click on the drop-down arrow next to the account name to see all the relevant transactions. You can then assess whether there have been any errors in their classification or whether they are correct and can be dismissed.

Before creating any VAT/GST reports, your tax settings must be correct on Syft. To ensure this, follow these steps:

You can also change your viewing options once you are in your GST/VAT Account report. This includes viewing comparisons between your current VAT/GST periods and prior periods or the same periods in the previous year.

You can also order columns from highest to lowest by clicking at the top of any column.

The Reports section presents tax movements grouped by accounts over multiple periods. This allows you to get a sense of your entity's VAT/GST over periods determined according to your region.

Navigate to "Review" > "Tax Report," where you will find six different VAT/GST reports available on Syft, organized as sub-tabs. These reports can help you identify any potential errors in your VAT/GST.

The VAT/GST report by Transaction shows all your VAT/GST transactions in one place. There are tiles at the top of the screen that summarize important details:

You can then expand on any item for further details - or change to the multi-period view to get a sense of your sales tax over multiple periods.