Tracking AP invoices (EUR & USD-self-assessment) for filing bi-monthly VAT return with Irish ROS
SummaryHow to track AP invoices for VAT filing with Irish ROS
Our company is registered in Ireland and required to file bi-monthly VAT return with Irish Revenue Online Service (ROS). Our ledger base currency is USD. According to the 4th schedule requirement specified in the VAT instructions, many USD invoices are subject to VAT self-assessment.
Currently we use a descriptive flexfield in the invoice entry to determine if each Payable invoice is subject to self-assessment or not. Furthermore, a BI report consists of multiple scenarios was created to capture all EUR & USD invoices that were required for VAT return. With the user manually entering the report parameters for each reporting period’s exchange rate (EUR to USD) and an average rate between the two periods when submitting the BI report, the report pulls data based on the criteria and apply conversion and/or VAT calculation wherever is applicable. The report generates a complete VAT detail listing with