How do you record supplement of less than 1000 euros to Q1 of next financial year?

Disclaimer

All screenshots in the article were taken in the Dutch version of Yuki.

Once a VAT return has been sent to the tax authorities, you can only change or supplement it with a VAT supplement.

If a correction to the VAT return is needed and it turns out you will receive or have to pay back less than 1000 euros, the supplement may be processed in the next VAT return.

If a supplement under 1000 euros from financial year 2019 or earlier needs to be posted to the first VAT accounting period of the following financial year, you must manually create a general  journal entry.

As of the 2020 financial year, you can use the 'Record VAT supplement amount in next financial year' button to post a supplement under 1000 euros in the first VAT accounting period of the next financial year.

Manually transfer the supplement to the next financial year (financial year 2019 or earlier)

The status of the supplement must first be set to 'Historical' so that it can be matched to the general journal entry.

Click on the Back office or Financials icon in the navigation bar, click on General journal, and then in the now-opened screen click on the General journal button.

In the next screen where you are asked how the document that forms the basis of your general journal entry should be created, select the option I want to type a document direclty.

The general journal entry, which is now open, is created with the date 01-01-2020. The amount due can be debited and then posted in the VAT return for the first VAT accounting period via GL account '18800 VAT Input tax'.

The general journal entry can then be matched with the supplement by clicking on the yellow square. It is important that 'tax authorities' is filled in. Without the same contact, it is not possible to match the general  journal entry with the supplement.

Supplement using 'Transfer to next financial year' button (from financial year 2020)

A supplement for financial year 2020 can be transferred to the first draft VAT return of the following financial year (e.g., Q1 of 2021) using the Record VAT supplement amount in next financial year button.

This button is available in a draft supplement when:

• the absolute amount of the supplement is less than 1000 euros
• the financial year runs from January to December
• the VAT return for the first VAT accountng period has the status 'Draft'.

After using the button, the supplement will be generated on your screen, its status will change to 'Historical (closed)', and it will be matched with the automatically created general journal entry by Yuki with a creation date of 01-01-2021.

You can find the supplement amount in category 5b of the draft VAT return for the first VAT accounting period of the following financial year.