VAT/RCT-Accounting Aids
A school must maintain a VAT & RCT file. Below is a list of supporting documents that must be kept on each file.
Click below for a helpful sample excel sheet which you can record your VAT invoices and RCT payments which will assist with Revenue returns and accounting record.
VAT File
An annual VAT file must be setup at the start of each school year. For each return period for example bi-monthly returns the following should be on the file;
- Copy of the VAT 3 filed
- Copy of the subcontractors invoices
RCT File
An annual RCT file must be setup at the start of each school year. For each return period for example monthly returns the following should be on the file;
- Copy of the subcontractors contract notification
- Copy of the subcontractor payment notification
- Copy of the monthly return
Schools are required to account for the VAT and RCT in the accounts package. Below are helpful instructions on how to record the VAT & RCT if using the suppliers module or the bank module.