Filed VAT returns
The history of your VAT returns with their payment status, how to look at, download or amend a filed return, and how to enter the VAT still open from before Verasol.
Filed VAT Returns is the history of your VAT returns: drafts you are still working on and returns you have filed, each with its output VAT, input VAT and net VAT, and whether the VAT has been paid or refunded. It is also where you enter the VAT that was still open with the FTA when you started using Verasol.
Find your returns#
Open VAT › Filed VAT Returns in the main menu. Choose the Year and, if you like, a Status. Each row shows the Period, the Tax Period, the Due Date (in red when a return that is not filed is overdue), the Filed Date and the VAT figures. Below the list, the cards count the returns, the filed ones and the drafts, and add up the Total VAT Paid on the listed returns.
A return amended after filing shows Amended next to its status; choose Amended under Status to list only those.
Under Net VAT, a filed return shows its payment status: Paid, Partly paid, Due, Refund due, Partly refunded, Refunded or Nil return, with "overdue" added when VAT is still owed after the due date. The status comes from the payments and refunds recorded on VAT Payments.
- 1 Opening balance enters the VAT still open from before Verasol (see below).
- 2 New Return opens the VAT 201 Return page to prepare a return.
- Each row has a ⋮ menu: 3 View, 4 Open return, which opens the return on the VAT 201 Return page (for a draft this item is Edit), 5 Download PDF and, for a filed return, 6 File Amendment.
You need the permission Tax: VAT and corporate tax (view) to see this page. Entering an opening balance and amending a return need Tax: prepare and file returns, record tax payments.
Look at a return#
View opens the return: its period, status, due date and filed date, its boxes numbered as on the FTA form (1 to 14), and the notes you entered when you filed it. Download PDF gives you the full return, box by box, in the layout of the FTA form.
1 Open return opens the return on the VAT 201 Return page, where you also see the reconciliation with the ledger. 2 Download PDF downloads it.
Amend a filed return#
A filed return stays as you filed it. Verasol refuses documents dated in its period, so in normal work its figures cannot change. If something is booked into the period after all, for example a journal entry dated in it, amend the return.
Click File Amendment in the row's menu and confirm. When you open a filed return whose books changed, the VAT 201 Return page shows the differences and Amend return, which does the same. If the return has warnings, Verasol shows them and asks you to confirm again. Verasol then:
- recalculates every box from the books as they are now,
- if the VAT of the period changed, reverses the entry it booked when the return was filed and books the period's VAT again, dated today,
- adds the date of the amendment to the return's notes.
When nothing has changed, Verasol tells you there is nothing to amend. Payments and refunds already recorded stay with the return. If you paid more than the amended return makes payable, the difference becomes a refund due from the FTA.
Enter the opening VAT balance#
When you start your books in Verasol, VAT from returns filed in your previous software may still be open: VAT you owe the FTA, or a refund the FTA owes you. Enter it once, so that its payment or refund can be recorded in Verasol like any other.
- Click Opening balance.
- Choose the Position: Owed to the FTA (VAT payable) or Refundable by the FTA.
- Enter the Amount (AED).
- Enter the Opening date, or leave it empty for the day before your first document. It must be before the period of your first VAT return in Verasol.
- Enter the Due Date of the payment or refund.
- Click Book opening balance.
1 Position, 2 Amount (AED), 3 Remove.
The balance appears in the list as a return marked Opening, dated on the opening date (choose that year under Year to see it). Record its payment or refund like that of any filed return.
What Verasol books#
The opening balance is booked once, against Opening Balance Equity, on the opening date. For example, for AED 72,450.00 owed to the FTA at 31 December 2024:
| Account | Debit | Credit |
|---|---|---|
| 3900 Opening Balance Equity | 72,450.00 | |
| 2202 VAT Payable to FTA | 72,450.00 |
A refund due from the FTA is booked the other way round: debit VAT Refundable from FTA, credit Opening Balance Equity.
Correct or remove it#
Open the window again with Opening balance, or with Correct opening balance in the row's menu. It shows what has been settled so far. Change the position or amount and click Save correction: Verasol reverses the entry and books the corrected amount on the same opening date. Remove reverses the entry and deletes the opening balance. It cannot be removed while a payment or refund on VAT Payments refers to it: mark a paid one as unpaid, then delete it or link it to another return first.