VAT Calculation And Tracking
Tracks VAT collected on sales and VAT paid on purchases to determine the net amount owed or reclaimable. Produces filing-ready summaries and reconciliation reports for each VAT period.
Accounting - VAT Calculation And Tracking.xlsx
Excel (.xlsx) — No macros — Works in Excel, Google Sheets, LibreOffice
What This Spreadsheet Solves
- Calculating net VAT liability for each filing period
- Keeping a running log of VAT on sales and purchases
- Reconciling VAT records against bank statements
- Preparing accurate figures for VAT return submissions
- Identifying transactions with incorrect or missing VAT amounts
Who This Is For
- Small business owners in VAT-registered jurisdictions
- Bookkeepers managing VAT records for multiple clients
- Accountants preparing quarterly or monthly VAT returns
- Finance teams reconciling VAT across departments
Inputs
- $Sale amount (net)
- $Purchase amount (net)
- %VAT rate
- dateTransaction date
- textTransaction description
Outputs
- Total output VAT (collected on sales)
- Total input VAT (paid on purchases)
- Net VAT payable or reclaimable
- Period-by-period VAT summary
- Reconciliation discrepancies list
How Calculations Work
Each sale is multiplied by the applicable VAT rate to compute output VAT. Each purchase is multiplied by the VAT rate to compute input VAT. The net liability is output VAT minus input VAT. If negative, the business is owed a refund. Transactions are grouped by filing period and summarized. The reconciliation module flags any entries where the recorded VAT does not match the expected rate applied to the net amount.
Example Use Case
Scenario: A retailer records $80,000 in net sales and $45,000 in net purchases during a quarter. The VAT rate is 20%.
Result: Output VAT is $16,000. Input VAT is $9,000. Net VAT payable is $7,000. The reconciliation report confirms all transactions match the 20% rate with no discrepancies.
What You Get — 5 Sheets
Technical Details
Frequently Asked Questions
Can I handle multiple VAT rates?
Yes. Enter the applicable rate for each transaction on the INPUT sheet. The LOGIC sheet handles mixed rates within the same period.
What is the reconciliation check doing?
It recalculates expected VAT from the net amount and rate, then compares it to the VAT amount you recorded. Differences beyond the tolerance threshold are flagged.
Does this work for reverse-charge VAT?
Not automatically. For reverse-charge transactions, enter both the output and input VAT manually so they net to zero for that transaction.
How do I handle VAT on partial exemptions?
Enter only the reclaimable portion of input VAT for partially exempt purchases. The non-reclaimable portion should be recorded as a regular expense.
Can I export the period summary for my VAT return?
The OUTPUT sheet is structured to match standard VAT return fields. Copy the summary row for the relevant period into your return or export it as CSV.
Download VAT Calculation And Tracking
Ready to use immediately. Enter your data in the INPUT sheet, see results in OUTPUT.