This article provides guidance on identifying, sending, and managing VAT Receipts and Payment Requests within our system, specifically tailored for our UK users. It includes steps on how to handle VAT Receipts after bank statement reconciliations and what to do in the event of payment reversal.
Identifying Payment Requests and VAT Receipts
Within your transaction lists, Payment Requests are marked with a green icon, making them easily distinguishable from invoices. Similarly, VAT Receipts display a green icon to set them apart from regular receipts.
Sending VAT Receipts to Tenants
After a tenant makes a payment based on a Payment Request, it is mandatory to issue a VAT Receipt. This receipt can be sent via email directly through the system's interface, or the receipt can be printed for posting. If a VAT Receipt has already been issued, you'll notice a blue banner displaying this status at the top of the VAT Receipt page.
Sending VAT Receipts Post-Bank Reconciliation
Following the completion of a Bank Statement Reconciliation, you can send out overdue VAT Receipts by clicking the Send VAT Receipts button. This will list all VAT Receipts linked to the transactions from the reconciled bank statement that requires sending.
Note: During reconciliation, you can't pay both an Invoice and a Payment Request in a single transaction. To manage this, reconcile part against one item, earmark the remainder to 'Suspense', and then allocate it to the other item.
Reversing VAT Payments
If there is a need to reverse a payment made against a Payment Request, the system will automatically generate a Reversal VAT Receipt. These should be sent to tenants in the same manner as regular VAT Receipts, unless the original VAT receipt was never sent. On the Reversal VAT Receipt screen, use the green button to view the original VAT Receipt. The reference field on the Reversal VAT Receipt will also show the number of the initial VAT Receipt it corresponds to.
Note: A Reversal VAT Receipt will mirror the appearance of a standard VAT Receipt but will display negative figures.
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See these related articles for further assistance:
- Article 1
- Article 2
- For additional queries relating to the handling of other forms of receipts or requests, please consider reading our articles on Bank Reconciliation and Payment Request Processing.