Within Syft's Review add-on lies the sub-feature for VAT/GST, which includes a Review and Reports section.

Want to double-check that you are claiming all the tax back that you could be? Well, Syft's VAT/GST 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 Review" > "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 relevant card to drill down into the details.

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 appear on the cards. After clicking on "Explore", you will be directed to the page shown below. You can then click on the card in question to see which transactions have been identified as anomalous, and 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" > "VAT/GST Reports," 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 By Account report enables you to quickly identify movements in VAT/GST in each account across your balance sheet and profit and loss over time.

The report is split into two sections: accounts that contribute to income VAT/GST and accounts that contribute to expense VAT/GST. You can quickly determine if there is an error in your VAT/GST by scanning the accounts in each category. The VAT/GST by account report can be viewed in monetary or percentage terms.

You can change the number of periods to view, decide to show the information as a number or percentage, or pivot the data by selecting the options highlighted in the red box in the image below.

The VAT/GST by code report groups tax transactions together according to VAT/GST code.

To view your VAT/GST, click on "Explore" on either of the category cards displayed and then explore the details further.

VAT/GST by Source pivots the transactional VAT/GST data by the source that caused the transaction to have either Input VAT/GST or Output VAT/GST. You can use this feature to identify potential errors in your data. The transactions are then further segmented by the source documents from which they originated.

You can filter by account (single or multiple accounts). And if you would like to reorder transactions, you can click on the top of the column to change the ordering.

Hovering over any of the lines of transactions shows you the full description of that transaction.

The VAT/GST report by currency groups transactions by currency. It's important to note that all transaction amounts are shown in the entity’s reporting currency.

To find out in more detail, click on the card with the number of transactions. You will open a table that contains all the transactions along with their date, tax code, account, description, reference, debit, credit, gross, and tax.

With the VAT/GST By Value report, Syft reports on VAT/GST according to value, grouping transactions in different value buckets, which are divided into Input and Output cards.

Click on “Explore” to see more specific details. You can drill down into the transactions making up each card.

The default number of periods to view is three. However, you can change this by clicking on “Show Options”.

The VAT/GST report By Transaction groups transactions into either input or output VAT/GST. The transactions are then further segmented by the selected grouping within a table. You can choose specific subgroups to filter for, select the number of periods you would like to see, select a tax category, and select a grouping.

The grouping options are: